REG - Ethernity Networks - Approval of settlement proposal by creditors

Ethernity NetworksAnnouncement

11/01/2024 07:00

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RNS Number : 3089Z  Ethernity Networks Ltd  11 January 2024

11 January 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Approval of settlement proposal by creditors

 

Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of
networking processing semiconductor technology for virtualised networking
appliances, announces an update on the Company's ongoing temporary suspension
of proceedings ("TSP") process.

 

Further to the announcement on 04 January 2024, the Company is pleased to
announce that it has now received approval of the proposal for the settlement
of creditors under the TSP (the "Settlement Proposal") from all three creditor
groups. Therefore, the Company has submitted the Settlement Proposal to the
Court in Lod ("Court") to seek its approval. The Court is expected to schedule
a court hearing to consider and approve the Settlement Proposal. Should the
Settlement Proposal receive Court approval, the Company will exit the TSP
process.

 

Under the Settlement Proposal, valid creditors will be repaid in full over a
period of 12 months, in four quarterly instalments, with the first payment
being made within 90 days of exiting the TSP.  Guaranteed and Priority
Creditors would have priority for repayment, followed by General Creditors.
According to the Company's financial registers, the total creditor balance
subject to the Settlement Proposal is US$1.6 million.

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 3 748 9846
 David Levi, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0)20 7562 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

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