MTI Wireless Edge Ltd - Share Repurchase Update

MTI Wireless Edge Ltd - Share Repurchase Update

MTI Wireless Edge (MWE) is engaged in the business of providing communication and radio frequency solution to a range of industries through its core divisions. Its core divisions are Antenna division, Water control and management division and Distribution and Professional consulting services division. The group operates within the “Technology Hardware and Equipment” sector.

Its shares are listed on the Alternative Investment Market, a sub-market of the London Stock Exchange, which enables small businesses to raise capital through share issues. On March 16, 2006, shares of the MTI Wireless Edge Ltd. (MWE) got admitted to “AIM” for trading. The group is headquartered in Rosh Ha’ayin, Israel.

Recently, the group executed several transactions into its own shares. In the company filing made by the telecommunications equipment group with the London Stock Exchange as on May 23, this year, the company notified that they had completed a share repurchase transaction on May 22, 2019. It disclosed that; 25,000 new ordinary shares of par value 0.01 Israeli Shekels were bought on behalf of the company. The transaction was executed at a price of GBX 22.50 per share.

Post completion of the share repurchase, Outstanding number of shares in issue stood at 87,488,724 (including treasury stocks). After adjustment for the treasury stocks, voting shares available in the company stood at 86,953,724.

Transaction Details

No of ordinary shares purchases: 25,000

Date of Purchase: May 22, 2019

Time of transaction: 10:21 AM GMT

Execution Price per share: GBX 22.50/share

Trading venue: London Stock Exchange.

In another company filing with the exchange as on May 24, 2019, the group reported a second round of share repurchase of 25,000 ordinary shares with a par value of 0.01 Israeli Shekels were completed, the recorded transaction was made on behalf of the company. Shares were bought at a price of GBX 23.50/each.

After completion of the second round of share repurchase transaction, total outstanding shares in issue stood at 87,488,724 (including treasury stocks). Post adjustment for the treasury shares, the number of share's carrying voting rights in the company stood at 86,928,724.

Transaction Details

No of ordinary shares purchases: 25,000

Date of Purchase: May 23, 2019

Time of transaction: 09:59 AM GMT

Execution Price per share: GBX 23.50/share

Trading venue: London Stock Exchange

MTI Wireless's share repurchase transactions were in line with the announcement made by the company on January 24, 2019, for the share repurchase programme. In total, the group has purchased 50,000 ordinary shares on behalf of the company at a weighted average price of GBX 23.0/share.

Share Price Performance

At the time of writing (as on June 07, 2019 at 10:27 AM GMT), shares of MWE were quoting at GBX 24.44/share and added 1.8 per cent against the yesterday’s closing price level. The outstanding market capitalisation of the company stood at around £20.97 mn. Its shares are the constituents of the FTSE AIM All-Share and FTSE AIM All-Share – Technology.

1yr-Price Chart

Daily price chart (as on June 07, 2019), before the market close. (Source: Thomson Reuters).

52-wk High/low

In the last 52-wks, shares of telecom MTI Wireless have registered a high of GBX 28.0 (as on April 30, 2019) and a low of GBX 15.0 (as on January 14, 2019). At the current trading level, as quoted in the price chart, its shares are trading 12.7% below the 52wk high price level and 62.9% above the 52wk low price level.

Volume Summary

Today’s volume in the stock (before the market close, at the time of writing) stood at 6,500. However, the 5-day average daily volume traded in the stock was at 22,961.20, which was 37.11% below the 30-day average daily volume of 36,509.60 traded on the London Stock Exchange.

Simple Moving Average (SMA) summary

From the SMA standpoint, at the time of writing, its share are trading marginally below the 30-days and 60-days SMA, however, they were trading considerably above the 200-days SMA, which indicates a positive trend in the stock price and carrying the potential to move up further from the current trading levels.

Price performances

In the past 1 year, shares of the MWE have delivered a negative price return of 8.75%. However, on a year-to-date basis, the stock was up by approximately 26.3% and surged by 20% in the past three months.

Relative Strength Index (RSI)

Share’s RSI for the 30-days, 14-days and 9-days were hovering at a normal range and stood at 52.63, 48.07 and 51.50 respectively, however, 3-days RSI of the stock stood at 94.11, which indicates shares have been overbought in the past three days and suggests that the price could correct in near term.

However, the overall trend is positive in the stock. Despite, a small-cap company and a decent surge in the stock price in the past few months, the dividend yield of the stock stood at 4.77%, which is a good fundamental indicator.

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