Business
Notice of EGM
Notice of EGM.
About this update from Mti Wireless Edge Ltd
[{"type":"text","content":"\n \nRNS Number : 8325N MTI Wireless Edge Limited 12 September 2013 \n \n\n12 September 2013\nMTI Wireless Edge Ltd\n \n(\"MTI\" or the \"Company\")\nNotice of EGM\n \nThe board of MTI (the \"Board\") announces an EGM will be held at 15.00 (London time) on October 23, 2013 at the offices of Allenby Capital Limited, 3 St Helen's Place, London, EC3A 6AB for the purpose of approving a Guaranty Agreement (the \"Guaranty Agreement\") between the Company and MTI Computers & Software Services (1982) Ltd. (\"MTI Computers\"). \n \nBackground\nMTI Computers has entered into an agreement with a commercial bank (the \"Lender\") whereby the Lender has agreed to extend a loan of up to an aggregate amount of US$1,000,000 (the \"Loan Amount\") and MTI Computers has approached the Company to request that the it provide a guarantee to the Lender for the Loan Amount pursuant to the terms of the Guaranty Agreement. The key terms of the Guaranty Agreement include: \n \n1. The Guarantee\n \n1.1 Within 60 days of the execution of the Guaranty Agreement, the Company will provide the Lender with a guarantee (in a form acceptable to the Lender) in the aggregate amount of the Loan Amount (the \"Guarantee\").\n \n1.2 MTI Computers will pay for all of the costs and expenses incurred, and which will continue to be incurred, by the Company in connection with the Guarantee for the duration of its term.\n \n2. Consideration\n \n2.1 In consideration of the provision of the Guarantee by the Company, MTI Computers will pay the Company an amount equal to 2.5 per cent. of the Loan Amount per year of the Term (as defined below). Such amount shall be paid quarterly in advance based on the amount covered by the Guarantee at the beginning of each period.\n \n3. Undertaking of MTI Computers \n \nMTI Computers undertakes to apply any dividend that it may receive from the Company in order to reduce the outstanding amount of the Loan Amount prior to the use of any such dividend sum (or part thereof) for any other purpose.\n \n4. Term and Termination\n \n5.1 ...