8th May 2018 12:02
LONDON (Alliance News) - Flat panel antennas manufacturer MTI Wireless Edge Ltd said on Tuesday that some of the conditions for its merger with majority shareholder MTI Computers & Software Services (1982) Ltd have now been satisfied with others still outstanding.
The approval from MTI and MTIC's financial creditors have been obtained. In addition, the Israel Securities Authority have granted a pre-ruling and agreed to not make a determination on whether MTI will need to publish a prospectus in Israel in order to carry out the merger.
The merger is now conditional on obtaining court approval for the scheme.
MTI Wireless first agreed to the merger with MTIC last Wednesday, 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 down 2.4% at 29.20 pence on Tuesday.
Related Shares:
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