Business
Enlargement of share buy-back programme
Enlargement of share buy-back programme.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n\n\n21 August 2024\nMTI Wireless Edge Ltd\n(\"MTI\" or the \"Company\")\nEnlargement of share buy-back programme\n \nMTI Wireless Edge Ltd. (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce an enlargement of its share buyback programme to repurchase ordinary shares of 0.01 Israeli Shekels (\"Ordinary Shares\") in the Company (the \"Share Repurchase Programme\").\nThe Share Repurchase Programme originally commenced on 28 January 2019, and has been subsequently extended, most recently to terminate at the end of March 2025. The Share Repurchase Programme will continue to be managed by Shore Capital Stockbrokers Limited (\"Shore Capital\") on the terms described below.\nReflective of its confidence in the prospects of the business, the board has resolved to increase the maximum aggregate consideration payable for the acquisition of Ordinary Shares pursuant to the Share Repurchase Programme from £700,000 to £1,000,000, and to hold the Ordinary Shares purchased for a longer period of time.\nThe Company has entered into an agreement with Shore Capital in relation to the Share Repurchase Programme whereby Shore Capital will make trading decisions concerning the timing of the market purchases of Ordinary Shares under the Share Purchase Programme independently of and uninfluenced by the Company, in accordance with certain pre-agreed parameters. Subject to compliance with relevant law and regulation, purchases of Ordinary Shares under the Share Repurchase Programme may continue during any closed periods of the Company (as defined by the retained UK law version of the Market Abuse Regulation 596/2014/EU (\"UK MAR\")), falling during the term of the Share Repurchase Programme. In order the maintain the independence of the Share Repurchase Programme, the Company is only able to terminate the Share Repurchase Programme in certain limited circumstances.\nAny purchases of Ordinary Shares will be made in compliance with the following restrictions regarding price conditions:\n· the maximum price (exclusive of expense) at which any Ordinary Shares may be purchased is the price equal to 105 per cent of the average of the middle market quotations of an Ordinary Share as derived from the London Stock Exchange Daily O...