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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mti Wireless Edge Ltd. | LSE:MWE | London | Ordinary Share | IL0010958762 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.00 | 41.00 | 43.00 | 42.00 | 42.00 | 42.00 | 30 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 45.63M | 4.05M | 0.0458 | 9.17 | 37.13M |
From Apr 2019 to Apr 2024
TIDMMWE
RNS Number : 0588G
MTI Wireless Edge Limited
03 August 2016
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
3 August 2016
MTI Wireless Edge Ltd
("MTI" or the "Company")
Financial results for the six months ended 30 June 2016
MTI Wireless Edge Ltd. (MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider, today announces its unaudited results for the six months ended 30 June 2016.
Highlights:
-- Strong 2(nd) quarter in 2016 - revenue of US$6.1m (an increase of 15% over Q1 2016) and operational profit of US$0.6m (loss of US$0.1m in Q1 2016).
-- Revenue increased by 41% year-on-year in the first half to US$11.3m (H1 2015: US$8.0m), due to the acquisition of Mottech.
-- Gross profit increased by 41% year-on-year to US$4.2m (H1 2015: US$3m). -- Operating profit of US$0.5m in the first half (H1 2015: US$0.5m). -- Antenna business returned to operating profit in the second quarter of 2016. -- Cash flow generated from operations of US$1.2m (H1 2015: cash use of US$0.2m). -- Dividend of US 1.1 cent per share for the year ended 31 December 2015 paid on 1 April 2016.
-- Shareholders' equity of US$18.3m (at 31 March 2016: US$18.5m) after payment of dividend, equivalent to 26.5 pence per share.
Dov Feiner, Chief Executive Officer, commented:
"I am happy to report on another excellent quarter for Mottech and its contribution to revenue and profit growth. Our antenna business also made a good progress in the second quarter and returned to an operating profit, allowing us to report a significant consolidated growth in profit this quarter. We won an interesting military contract in the quarter which provides us with longer-term visibility and we currently have good pipe line of opportunities in the antenna segment. This together with the continued development of the 60 - 80 GHz line and RFID provides us with confidence for the long-term future of the antenna business. At Mottech, we continue to see variety of opportunities in many continents, all of which makes us believe that the combined business will continue to grow and continue to be successful in 2016".
For further information, please contact:
MTI Wireless Edge http://www.mtiwe.com/ Dov Feiner, CEO +972 3 900 8900 Moni Borovitz, Financial Director --------------------------- ---------------------- Allenby Capital Limited Nick Naylor Alex Brearley +44 20 3328 5656 --------------------------- ----------------------
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of High Quality, Low Cost, Flat Panel Antennas for Commercial & for Military applications. Commercial applications such as: WiMAX, Wireless Networking, RFID readers &, Broadband Wireless Access. With over 40 years' experience, supplying antennas 100KHz to 90GHz including directional antennas and Omni directional for outdoor and indoor deployments including Smart Antennas for WiMAX, Wi-Fi, Public Safety, RFID and for Base Stations and Terminals - Utility Market. Military applications include a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech's activities are focused in the market segments of agriculture, water distribution, Municipal and Commercial Landscape and Wastewater and Storm water Reuse.
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Hot Features
Premium
Year ended
Six months December
ended June 30, 31,
-------------------------- -------------
2016 2015 2015
------------ ------------ -------------
U.S. $ in thousands
-----------------------------------------
Unaudited Audited
-------------------------- -------------
Revenues 11,325 8,035 19,579
Cost of sales 7,067 5,021 11,870
------------ ------------ -------------
Gross profit 4,258 3,014 7,709
Research and development
expenses 574 641 1,216
Distribution expenses 1,819 942 2,408
General and administrative
expenses 1,375 925 2,323
------------ ------------ -------------
Profit from operations 490 506 1,762
Finance expense 163 195 432
Finance income 22 46 44
------------ ------------ -------------
Profit before income tax 349 357 1,374
Income tax expense (benefit) 104 (43) 110
------------ ------------ -------------
Profit 245 400 1,264
Other comprehensive income
(net of tax):
Items that will not be reclassified
to profit or loss:
Re-measurement of defined
benefit plans - - (42)
------------ ------------ -------------
- - (42)
Items that may be reclassified
to profit or loss:
Adjustment arising from
translation of financial
statements of foreign operations 177 101 (77)
------------ ------------ -------------
177 101 (77)
------------ ------------ -------------
Total other comprehensive
income (loss) 177 101 (119)
------------ ------------ -------------
Total comprehensive income 422 501 1,145
============ ============ =============
Profit Attributable to:
Owners of the parent 232 382 1,222
Non-controlling interest 13 18 42
------------ ------------ -------------
245 400 1,264
============ ============ =============
Total comprehensive income
Attributable to:
Owners of the parent 409 483 1,103
Non-controlling interest 13 18 42
------------ ------------ -------------
422 501 1,145
============ ============ =============
Earnings per share (dollars)
Basic 0.0045 0.0074 0.0237
============ ============ =============
Diluted 0.0044 0.0074 0.0235
============ ============ =============
Weighted average number
of shares outstanding
Basic 51,621,990 51,571,990 51,571,990
============ ============ =============
Diluted 52,616,775 51,571,990 51,897,027
============ ============ =============
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the Six months period ended June 30, 2016:
Attributed to owners of the parent
----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
Balance at January
1, 2016
(Audited) 109 14,945 304 (77) 3,116 18,397 266 18,663
Changes during the
six months
ended June 30, 2016
(Unaudited):
Comprehensive
income
Profit for the
period - - - - 232 232 13 245
Other
comprehensive
income
Translation
differences - - - 177 - 177 - 177
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the period - - - 177 232 409 13 422
Share issuance
to
non-controlling
interest in
subsidiary - (10) - - - (10) 10 -
Exercise of
options to
share
capital * 22 (1) - - 21 - 21
Dividend paid - - - - (568) (568) - (568)
Share based
payment - - 5 - - 5 - 5
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
June 30,
2016
(Unaudited) 109 14,957 308 100 2,780 18,254 289 18,543
======= ========== ============ =========== ======== ============ =============== =========
(*) less than 1 thousand dollar
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the Six months period ended June 30, 2015:
Attributed to owners of the parent
------- -------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
--------------------------------------------------------------------------------------------------
Balance at January
1,
2015 (Audited) 109 14,945 286 - 2,287 17,627 216 17,843
Changes during the
six
months
ended June 30, 2015
(Unaudited):
comprehensive
income
Profit for the
period - - - - 382 382 18 400
Other
comprehensive
income
Translation
differences - - - 101 - 101 - 101
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the period - - - 101 382 483 18 501
Non-controlling
Interest
of newly
purchased
subsidiary - - - - - - 8 8
Dividend paid - - - - (351) (351) - (351)
Share based
payment - - 13 - - 13 - 13
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
June 30,
2015
(Unaudited) 109 14,945 299 101 2,318 17,772 242 18,014
======= ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended December 31, 2015 :
Attributable to owners of the parent
-----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
from financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
---------------------------------------------------------------------------------------------------
Audited
---------------------------------------------------------------------------------------------------
Balance as at
January 1, 2015 109 14,945 286 - 2,287 17,627 216 17,843
Changes during
2015:
Comprehensive
income
Profit for the
year - - - - 1,222 1,222 42 1,264
Other
comprehensive
income
Re measurements
on defined
benefit plans - - - - (42) (42) - (42)
Translation
differences - - - (77) - (77) - (77)
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the year - - - (77) 1,180 1,103 42 1,145
Non-controlling
Interest of
newly purchased
subsidiary - - - - - - 8 8
Dividend paid - - - - (351) (351) - (351)
Share based
payment - - 18 - - 18 - 18
-------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance as
at December
31,
2015 109 14,945 304 (77) 3,116 18,397 266 18,663
======== ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.6.2016 30.6.2015 31.12.2015
--------- --------- ----------
U.S. $ in thousands
--------------------------------
Unaudited Audited
-------------------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 4,862 1,957 2,634
Other current financial assets - 2,529 2,086
Trade receivables 8,131 7,693 8,074
Other receivables 909 1,105 1,296
Current tax receivables 331 117 139
Inventories 3,893 4,574 4,426
--------- --------- ----------
18,126 18,314 18,655
--------- --------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 49 22 28
Property, plant and equipment 5,562 5,231 5,643
Investment property 640 1,221 656
Deferred tax assets 475 372 393
Intangible assets 375 483 429
Goodwill 573 573 573
--------- --------- ----------
7,674 7,902 7,722
--------- --------- ----------
Total assets 25,800 26,216 26,377
========= ========= ==========
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.6.2016 30.6.2015 31.12.2015
--------- --------- ----------
U.S. $ In thousands
---------------------------------
Unaudited Audited
-------------------- -----------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short
term bank credit and loans 799 812 792
Trade payables 2,155 2,227 1,772
Other accounts payables 1,786 1,609 2,098
Current tax payables 20 189 192
--------- --------- -----------
4,760 4,837 4,854
--------- --------- -----------
NON- CURRENT LIABILITIES:
Loans from banks, net of current
maturities 2,017 2,847 2,381
Employee benefits 388 426 387
Other liabilities 92 92 92
--------- --------- -----------
2,497 3,365 2,860
--------- --------- -----------
Total liabilities 7,257 8,202 7,714
--------- --------- -----------
EQUITY
Equity attributable to owners
of the parent
Share capital 109 109 109
Additional paid-in capital 14,957 14,945 14,945
Capital reserve from share-based
payment transactions 308 299 304
Translation differences 100 101 (77)
Retained earnings 2,780 2,318 3,116
--------- --------- -----------
18,254 17,772 18,397
Non-controlling interest 289 242 266
--------- --------- -----------
Total equity 18,543 18,014 18,663
--------- --------- -----------
Total equity and liabilities 25,800 26,216 26,377
========= ========= ===========
August 3, 2016
----------------- ------------------ ----------------- ---------------
Date of approval Moshe Borovitz Dov Feiner Zvi Borovitz
of financial Finance Director Chief Executive Non-executive
statements Officer Chairman
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year ended
Six months December
ended June 30, 31,
---------------------- ------------
2016 2015 2015
---------- ---------- ---------------
U.S. $ in thousands
-------------------------------------
Unaudited Audited
---------------------- ---------------
Cash Flows from Operating Activities:
Profit for the period 245 400 1,264
Adjustments for:
Depreciation and amortization 312 258 593
Loss (gain) from investments
in financial assets (10) 79 (36)
Equity settled share-based payment
expense 5 13 18
Finance expenses, net 64 20 113
Income tax expense (benefit) 104 (43) 110
Changes in operating assets and
liabilities:
Decrease in inventories 551 6 90
Decrease (increase) in trade
receivables 102 (631) (1,136)
Decrease (increase) in other
accounts receivables and prepaid
expenses 368 (117) (326)
Increase (decrease) in trade
and other accounts payables 44 (187) (98)
Increase (decrease) in employee
benefits, net 1 27 (54)
Interest paid (64) (20) (113)
Income tax paid (553) (27) (214)
---------- ---------- -------------
Net cash provided by (used in)
operating activities 1,169 (222) 211
---------- ---------- -------------
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year ended
Six months December
ended June 30, 31,
-------------------------------- -------------
2016 2015 2015
------------------- ----------- -------------
U.S. $ in thousands
------------------------------------------------------
Unaudited Audited
------------------- ------------------
Cash Flows From Investing
Activities:
Sale of investments in financial
assets, net 2,142 1,176 1,639
Acquisition of subsidiary,
net of cash acquired - (3,042) (3,042)
Increase in restricted cash - (339) -
Purchase of property, plant
and equipment (146) (160) (297)
------------------- ----------- -------------
Net cash provided by (used
in) investing activities 1,996 (2,365) (1,700)
------------------- ----------- -------------
Cash Flows From Financing
Activities:
Exercise of share options 21 - -
Long term loan received from
banks - 2,090 2,090
Dividend paid to the owners
of the parent (568) (351) (351)
Repayment of long-term loan
from banks (403) (135) (526)
------------------- ----------- -------------
Net cash provided by (used
in) financing activities (950) 1,604 1,213
------------------- ----------- -------------
Increase (decrease) in cash
and
cash equivalents during the
period 2,215 (983) (276)
Cash and cash equivalents
at the beginning of the period 2,634 2,918 2,918
Exchange differences on balances
of cash and cash equivalents 13 22 (8)
------------------- ----------- -------------
Cash and cash equivalents
at the end of the period 4,862 1,957 2,634
=================== =========== =============
Appendix A - Non-cash transactions:
Year ended
Six months December
ended June 30, 31,
----------------- ----------
2016 2015 2015
-------- ------- ----------
U.S. $ in thousands
-----------------------------
Unaudited Audited
------------------ -------------
Purchase of property, plant
and equipment against trade
payables 23 17 8
========= ======= ==========
The accompanying notes form an integral part of the financial statements.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - "MTI", or the "Company") is an Israeli corporation. The Company was incorporated under the Companies Act in Israel on December 30, 1998 as a wholly-owned subsidiary of M.T.I Computers and Software Services (1982) Ltd. (hereafter - the "Parent Company") and commenced operations on July 1, 2000.
Since March 2006, the Company's shares have been traded on the AIM Stock Exchange.
The formal address of the company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel.
The Company is engaged in the development, design, manufacture and marketing of antennas and accessories. Since June 11, 2015, via its subsidiary, Mottech Water solutions, MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola IRRInet state of the art control, monitoring and communication technologies.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not constitute full year end accounts within the meaning of Israeli Companies Law. It has been prepared on the going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2015 was approved by the board on February 16, 2016. The report of the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of June 30, 2016 have not been audited.
The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2015 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2015 are applied consistently in these interim consolidated financial statements.
Note 3 - operating SEGMENTS:
The following table's present revenue and profit information regarding the Group's operating segments for the six months ended June 30, 2016 and 2015, respectively and for the year ended December 31, 2015.
Six months ended June 30, 2016
(Unaudited)
Water
Antennas Solutions Total
-------- ---------- ---------
U.S. $ in thousands
-------------------------------
Revenue
External 5,304 6,021 11,325
-------- ---------- ---------
Total 5,304 6,021 11,325
======== ========== =========
Segment income (345) 835 490
======== ==========
Finance expense, net (141)
---------
Profit before income tax 349
=========
Other
Depreciation and amortization 288 24 312
======== ========== =========
Six months ended June 30, 2015
(Unaudited)
Water
Antennas Solutions* Total
-------- ----------- --------
U.S. $ in thousands
-------------------------------
Revenue
External 6,942 1,093 8,035
-------- ----------- --------
Total 6,942 1,093 8,035
======== =========== ========
Segment income 325 181 506
======== ===========
Finance expense, net (149)
--------
Profit before income tax 357
========
Other
Depreciation and amortization 256 2 258
======== =========== ========
(*) Results for one month ending on June 30, 2015.
Note 3- operating SEGMENTS (CONT.):
Year ended December 31, 2015
(audited)
Water
Antennas Solutions* Total
--------- ----------- ---------
U.S. $ in thousands
---------------------------------
Revenue
External 13,305 6,274 19,579
--------- ----------- ---------
Total 13,305 6,274 19,579
========= =========== =========
Segment profit 859 903 1,762
========= ===========
Unallocated corporate expenses
Finance expense, net (388)
---------
Profit before income tax 1,374
=========
Other
Depreciation and amortization 561 32 593
========= =========== =========
(*) Results for seven months ending December 31, 2015.
Note 4-TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
The following transactions occurred with The Parent Company and other related parties:
Year ended
Six months ended December
June 30, 31,
--------------------- -----------------
2016 2015 2015
---------- --------- ------------
U.S. $ in thousands
------------------------------------------
Unaudited Audited
--------------------- ------------
Purchased Goods 105 86 328
Management Fee 185 191 410
Services Fee 124 106 212
Lease income (36) (60) (104)
Compensation of key management personnel of the Group:
Year ended
Six months ended December
June 30, 31,
--------------------- ------------------
2016 2015 2015
---------- --------- ------------
U.S. $ in thousands
-------------------------------------------
Unaudited Audited
--------------------- ------------
Short-term employee benefits
*) 353 355 738
========== ========= ============
*) Including Management fees for the CEO, Directors Executive Management and other related parties
All Transactions are made at market value.
Note 4 -TRANSACTIONS AND BALANCES WITH RELATED PARTIES (CONT.):
Balances with related parties:
As at
--------------------------------
30.6.2016 30.6.2015 31.12.2015
--------- --------- ----------
U.S. $ in thousands
--------------------------------
Unaudited Audited
-------------------- ----------
Other receivables (Other accounts
payables) (90) 9 50
========= ========= ==========
Amendment to Service Agreement with controlling shareholder:
Following the receipt of recommendations of both the remuneration committee and the board of directors of the company, an amendment to the service agreement between the Company and the controlling shareholders (via their management company) was approved by a shareholders' meeting held on May 18, 2016. According to the amendment, the agreement is in place for 3 years starting June 1, 2016, after which it will be renewed for periods of 3 years in accordance to the relevant rules and regulations. Nevertheless the agreement can be terminated by either party by providing 90 days' notice. The agreement includes remuneration (per month) of:
1. 25,000 NIS to Mr. Zvi Borovitz (raise from 20K NIS prior to this approval) for his service as a chairman of the board of the company in capacity of at least 25% and
2. 65,000 NIS to Mr. Moni Borovitz (raise from 60K NIS prior to this approval) for his service as CFO of the company in capacity of at least 80%.
All amounts are prior to VAT which will be added to the invoices and are linked to the increase in the consumer price index.
In addition to the above, and in accordance to the remuneration policy adopted by the company, as required under rule 20 to the Israeli Companies Law, a bonus scheme was granted to each of the managers. The bonus scheme states that Zvi Borovitz and Moni Borovitz will be entitled (each one of them) to a bonus amounting 2.5% of the company's net profit exceeding 400,000 USD per year (raise from $250K prior to this approval), prior to any bonuses grant in the Company. In case of a loss in a year the bonus for the next year will be for a net profit exceeding 400,000 USD above the loss made in the previous year. In addition Mr. Moni Borovitz shall be entitled to a bonus equal to two months management fee, based on the meeting of targets specified by the remuneration committee at the beginning of each year.
A ceiling to the bonuses was set at 8 months management fees for Mr. Moni Borovitz and 100,000 USD for Mr. Zvi Borovitz.
The agreement also states that the Company shall reimburse the management of the company for any expense made in performance of the manager's duty. The Company shall also provide each of the managers with a car and phones and will be responsible for all its related expenses, including all relevant taxes.
Note 5 - SIGNIFICANT EVENTS:
a. On January 12, 2016, following the approval of its shareholders, the Company adopted a change to its articles of association allowing the Company the ability to pay dividends by way of scrip, meaning the board would be able to announce a dividend which could be paid in cash or through the issue of new shares in the Company (the "Scrip Dividend Policy"). Under the Scrip Dividend Policy, shareholders could, in the future, be given the option to elect to receive dividends in new shares of the Company rather than in cash. The default arrangement will be for the payment of dividends in cash, and if the shareholder prefers to receive their dividends in new shares of the Company, then they would have to make an election. There would be no ability to make mixed elections and each shareholder would be able to choose either cash or new shares but not both. The decision to offer shareholders a scrip dividend alternative for future dividend payments will be at the sole discretion of the Board.
b. During the first half of 2016 several employees exercised options to 155 thousand shares in exchange for approximately of $21 thousand.
c. On April 1, 2016 the company paid a dividend of US 1.1 cents per share totaling approximately $567 thousand
d. On May 2, 2016 shares in Mottech Water Management (Pty) Ltd. in South Africa ("Mottech SA") were allotted to its general manager. Following this allotment the Company owns 85% of Mottech SA.
e. A new option scheme for key employees was approved at the Company's Annual General Meeting on May 18, 2016. Under the plan, options to purchase 800 thousands ordinary shares were granted (each option to one ordinary share). This represents approximately 1.5% of the Company's current issued and voting share capital on a fully diluted basis. The vesting period of the options shall be as follows: 2 years for 50% of the options, 3 years for additional 25% of the options and 4 years for the reminder of the option. Unexercised options expire six years after date of the grant after which they will be void. Options are forfeited when the employee leaves the Company. There is no cash settlement of the options.
The weighted average fair value of the options as at the grant date is 6 pence (approximately 9 cents) per option, and was estimated using a Black and Scholes option pricing model based on the following significant data and assumptions:
Share price - 19.88 pence (representing approximately 29 cents)
Exercise price - 27 pence (representing approximately 39 cents)
Expected volatility - 45.34%
Risk-free interest rate - 0.85%
And expected average life of options 4.375 years
The volatility measured at the standard deviation of expected share price returns is based on the historical volatility of the Company. The options were granted as part of a plan that was adopted in accordance with the provision of section 102 of the Israeli Income Tax Ordinance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSUFUEFMSEIA
(END) Dow Jones Newswires
August 03, 2016 02:32 ET (06:32 GMT)
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