REG - Ethernity Networks - Director Changes

Ethernity NetworksAnnouncement

14/11/2023 07:15

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RNS Number : 2894T  Ethernity Networks Ltd  14 November 2023

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse (amendment)
(EU Exit) Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

14 November 2023

Ethernity Networks Ltd

("Ethernity" or the "Company")

 

Director changes

 

Ethernity Networks Ltd (AIM: ENET; OTCMKTS: ENETF), a leading supplier of
networking processing semiconductor technology ported on field programmable
gate arrays for virtualised networking appliances, announces that, following
the conclusion of their second three-year terms in office as external
directors of the Company, Chen Saft-Feiglin and Zohar Yinon will cease to act
as directors of the Company with immediate effect. Under Israeli Companies Law
("Companies Law"), the term of office of an external director is three years,
which can be extended for two additional three-year terms, subject to the
approval of shareholders at a general meeting. Mrs Saft-Feiglin and Mr Yinon
have informed the Company that they will not be seeking to extend their roles
for a third term.

 

In accordance with the Companies Law, the Company will be required to appoint
two new external directors to the Board of Ethernity and such directors must
meet certain statutory requirements of independence. Given the current
financial constraints faced by the Company in the ongoing temporary suspension
of proceedings ("TSP") process, the Company will seek to finalise the
appointment of the new external directors within three months of the
conclusion of the TSP and further updates will be made in due course. The
composition of the Company's audit, nominations and remuneration committees
will be finalised following the appointment of the new external directors. In
the interim period, Yosi Albagli (Non-executive Chairman) and Richard Bennett
(Independent Non-executive Director) remain as independent non-executive
directors of the Company.

 

David Levi, CEO, commented: "I would like to thank Chen and Zohar for their
valuable contributions to the Company over the past six years and wish them
both the best for the future."

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 8 915 0392
 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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