Last checked at 13 Feb 2017 07:00
13 February 2017
MTI Wireless Edge Ltd
(the "Company")
Change of shareholdings in the Company's major shareholder
On 12 February 2017 MTI Computers & Software Services (1982) Ltd ("MTIC") announced on the Tel Aviv Stock Exchange that, pursuant to a purchase offer made to the shareholders of MTIC (the "Purchase Offer"), it is anticipated that Mokirey Aya (a company controlled by the Borovitz family and which controls MTIC) will increase its shareholding in MTIC to 47.2% (from 43.4%). The Purchase Offer is expected to complete on 16 February 2017.
MTIC's owns 52.1% of the Company's issued shares and this is not changing.
The Purchase Offer was made as part of an agreement (the "Agreement") between Mokirey Aya and Mr Jacques Beer and his wife ("Beer") who currently own 14.89% of MTIC. Beer owns Tempo, one of the largest beverage companies in Israel. Beer also participated in the Purchase Offer and, following the completion of the Purchase Offer, will own 16.2% of the issued shares in MTIC.
Under the Agreement, Mokirey Aya and Beer have provided each other with a "right of first refusal" over disposal of their shareholdings in MTIC and Mokirey Aya has granted "tag along rights" to Beer in the event that Mokirey Aya sells its shareholding in MTIC. In addition, pursuant to the Agreement, Mokirey Aya and Beer will coordinate their votes in MTIC shareholders meetings and Mokirey Aya will be entitled to nominate 3 directors, including the chairman, to the board of MTIC, and Beer will be entitled to nominate one non-executive director to the board of MTIC. Those directors are in addition to external directors as required under the Israeli Companies Law.
In addition Mokirey Aya has committed to take all steps that it can so that Beer can nominate one non-executive director to the board of the Company, conditional upon shareholder approval and completion of the required due diligence and other checks required under the AIM Rules for Companies.
For further information please contact:
MTI Wireless Edge Dov Feiner, CEO Moni Borovitz, Financial Director | http://www.mtiwe.com/ +972 3 900 8900 |
Allenby Capital Limited Nick Naylor Alex Brearley | +44 20 3328 5656
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About MTI Wireless Edge
MTI is engaged in the development, production and marketing of High Quality, Low Cost, Flat Panel Antennas for Commercial & for Military applications. Commercial applications such as: WiMAX, Wireless Networking, RFID readers &, Broadband Wireless Access. With over 40 years' experience, supplying antennas 100KHz to 90GHz including directional antennas and Omni directional for outdoor and indoor deployments including Smart Antennas for WiMAX, Wi-Fi, Public Safety, RFID and for Base Stations and Terminals - Utility Market. Military applications include a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech's activities are focused in the market segments of agriculture, water distribution, Municipal and Commercial Landscape and Wastewater and Storm water Reuse.