REG - Ethernity Networks - Director Subscription

Ethernity NetworksAnnouncement

26/09/2024 11:45

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RNS Number : 8382F  Ethernity Networks Ltd  26 September 2024

26 September 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Director Subscription

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, announces a
subscription for new ordinary shares of NIS 0.001 each ("Ordinary Shares") in
the Company by David Levi, CEO (the "Director Subscription") and the issue of
Warrants to Mr Levi, details of which were set out in the announcement of the
Company's recent placing (the "Placing") on 9 September 2024 (the "Placing
Announcement").

 

Following the publication of the interim results for the six months ended 30
June 2024, David Levi has conditionally subscribed for 9,008,333 new Ordinary
Shares (the "Subscription Shares") at a price of 0.3p per share, raising a
further £27,025 for the Company. The Subscription Shares have been subscribed
for on substantially identical terms as those of the Placing.

 

David Levi has also been granted one Warrant for every Subscription Share
subscribed for, exercisable at a price of 0.75p per share. The Warrant is
exercisable for a period of 18 months from the date of the Placing
Announcement and all other terms are the same as the Warrants issued in
connection with the Placing, as detailed in the Placing Announcement.

 

Admission to trading

 

The Subscription Shares are being issued pursuant to the Company's existing
authorities to issue and allot new Ordinary Shares free of pre-emption rights.
The Subscription Shares will rank pari passu with the Company's existing
Ordinary Shares. Application is being made for the admission of the 9,008,333
Subscription Shares to trading on AIM ("Admission") and Admission is expected
to occur at 8.00 a.m. on or around 2 October 2024.

 

Total voting rights

 

Following Admission, the Company's enlarged issued share capital will be
707,233,909 Ordinary Shares. The Company holds no Ordinary Shares in Treasury.
This figure of 707,233,909 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

Director Shareholding

 

Following Admission, David Levi will hold 29,957,398 Ordinary Shares,
representing 4.24% of the Company's enlarged share capital.

 

 

Unless otherwise defined, definitions contained in this announcement have the
same meaning as set out in the Placing Announcement.

 

For further information, please contact:

 

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

 Ayala Deutsch, Chief Financial 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)

 CMC Markets UK plc (Joint Broker)                              Tel: +44 (0)20 3003 8632
 Douglas Crippen

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

 

About Ethernity (www.ethernitynet.com)

 

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking
and security solutions on programmable hardware for accelerating telco/cloud
networks. Ethernity's semiconductor logic offers complete Carrier Ethernet
Switch Router data plane processing and control software with a rich set of
networking features, robust security, and a wide range of virtual function
accelerations to optimize telecommunications networks. Ethernity's complete
solutions quickly adapt to customers' changing needs, improving
time-to-market, and facilitating the deployment of 5G, edge computing, and
Broadband Networks.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         David Levi
 2    Reason for the notification
 a)   Position/status                                              CEO
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Ethernity Networks Ltd.
 b)   LEI                                                          213800LZJO33QBNXU496
 4    Details of the transaction(s): section to be repeated for (i) each type of
      instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary shares of NIS 0.001 nominal value each

      Identification code                                          ISIN: IL0011410359
 b)   Nature of the transaction                                    Subscription for new ordinary shares
 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     0.3p              9,008,333
 d)   Aggregated information                                       N/a - single transaction
 e)   Date of the transaction                                      26 September 2024 to be completed on 2 October 2024
 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         David Levi
 2    Reason for the notification
 a)   Position/status                                              CEO
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Ethernity Networks Ltd.
 b)   LEI                                                          213800LZJO33QBNXU496
 4    Details of the transaction(s): section to be repeated for (i) each type of
      instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Warrants to subscribe for Ordinary Shares

      Identification code
 b)   Nature of the transaction                                    Subscription for new ordinary shares
 c)   Price(s) and volume(s)

                                                                                     Price(s)              Volume(s)
                                                                                     0.75p exercise price  9,008,333
 d)   Aggregated information                                       N/a - single transaction
 e)   Date of the transaction                                      26 September 2024
 f)   Place of the transaction                                     Outside a trading venue

 

 

 

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