Business
Application for Court Order approving the merger
Application for Court Order approving the merger.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \nRNS Number : 5079V MTI Wireless Edge Limited 24 July 2018 \n\n24 July 2018\nMTI Wireless Edge Ltd \n(\"MTI\" or the \"Company\")\nProposed merger with MTI Computers & Software Services (1982) Ltd - Application for Court Order approving the merger \nMTI Wireless Edge Ltd (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, announces that, following receipt of the approval for the proposed merger (the \"Merger\") between the Company and MTI Computers & Software Services (1982) Ltd (\"MTIC\") by the shareholders of the Company and MTIC, as announced on 18 July 2018, the Company and MTIC have today filed an application with the Israeli court for receipt of the Court Order approving the Merger in the framework of the Scheme of Arrangement. \nIn addition to receipt of the Court Order approving the Merger, completion of the Merger pursuant to the terms of the Merger Agreement remains contingent upon the fulfilment of the following conditions precedent (\"Conditions Precedent\") by 30 August 2018, unless such date is extended by the merging companies, explicitly and in writing: \n· MTIC and the Company obtaining a pre-ruling from the Israeli tax authorities with respect to the tax implications for them and for their respective shareholders as a result of the Merger, and, in so doing, obtaining a tax exemption with respect to the Merger and the deferment of a tax event for the shareholders of each of MTIC and the Company as a result of the Merger, until the realisation of their holdings in the Company. \n· On the date of completion, no court order that prohibits the implementation of the Merger will be pending. \nFurther announcements in respect of the fulfilment of the Conditions Precedent (including receipt of the Court Order approving the Merger) will be made as appropriate. \nFurther details regarding the Merger are set out in the Company's circular to shareholders dated 12 June 2018 (the \"Circular\"). The Circular is available on the Company's website at the following address, www.mtiwe.com. Additional information and documents, which may be read in conjunction with the Circular, are also available at the following location on the Company's w...