26th Jul 2018 13:14
LONDON (Alliance News) - Flat panel antennae manufacturer MTI Wireless Edge Ltd said on Thursday it has received a pre-ruling from Israeli tax authorities concerning its merger with major shareholder MTI Computers & Services (1982) Ltd.
The pre-ruling includes a tax exemption in Israel over the merger. With this, the merger is now solely conditional on obtaining court approval for the scheme.
MTI Wireless first agreed to the merger with MTIC in May, which will involve MTIC shareholders being allocated 31.6 million new MTI Wireless shares and MTIC's existing holding in MTI Wireless being transferred to MTIC shareholders.
The merger, MTI Wireless said, will increase revenue by around 30%, broaden its business base, and bring cost savings and efficiencies, with its London listing not being affected.
Shares in MTI Wireless Edge were untraded on Thursday, last quoted at 22.20 pence.
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Mti Wireless