REG - Ethernity Networks - Placing to raise £130,028

Ethernity NetworksAnnouncement

04/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241204:nRSD6858Oa&default-theme=true

RNS Number : 6858O  Ethernity Networks Ltd  04 December 2024

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the Market
Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN, INTO OR FROM, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE
UNLAWFUL.

 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, ACQUIRE OR SUBSCRIBE
FOR (OR THE SOLICITATION OF AN OFFER TO BUY, ACQUIRE OR SUBSCRIBE FOR)
ORDINARY SHARES TO ANY PERSON WITH A REGISTERED ADDRESS IN, LOCATED IN, OR WHO
IS A RESIDENT OF, THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR
THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL OR CONTRAVENE ANY REGISTRATION OR
QUALIFICATION REQUIREMENTS UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

 

 

4 December 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Placing to raise £130,028

 

Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier
of data processing semiconductor technology for networking appliances
announces a placing (the "Placing") to raise £130,028 (gross) through the
issue of 97,766,091 new ordinary shares of NIS 0.001 each ("Ordinary Shares")
at an issue price of 0.133p per share (the "Issue Price"). Peterhouse Capital
Limited ("Peterhouse") is acting as placing agent to the Placing. The Placing
has not been underwritten.

 

Highlights

 

·     Placing to raise £130,028 through the issue of 97,766,091 new
Ordinary Shares (the "Placing Shares") at the Issue Price.

 

·      David Levi, CEO, has subscribed for 4,887,218 Placing Shares.

 

·      Admission of the Placing Shares is expected to occur on or around
10 December 2024.

 

Background to, reasons for the Placing and use of proceeds

 

On 28 November 2024, the Company provided a business update. The Directors
consider that it is appropriate to undertake the Placing at this time in order
to provide additional working capital whilst discussions with potential
customers progress.

 

Details of the Placing

 

The Company has resolved to issue 97,766,091 Placing Shares at the Issue Price
raising gross proceeds of £130,028. The Placing Shares have been issued
utilising the Company's existing authorities to issue new Ordinary Shares on a
non-pre-emptive basis.

 

Director participation in the Placing

 

David Levi has subscribed for 4,887,218 Placing Shares at the Issue Price.
Following admission of the Placing Shares to trading on AIM, David Levi will
hold 36,704,616 Ordinary Shares, representing 3.67% of the Company's enlarged
issued share capital.

 

Admission to trading

 

The Placing Shares are being issued pursuant to the Company's existing
authorities to issue and allot new Ordinary Shares free of pre-emption rights.
The Placing Shares will rank pari passu with the Company's existing Ordinary
Shares. Application is being made for the admission of the 97,766,091 Placing
Shares to trading on AIM ("Admission") and Admission is expected to occur at
8.00 a.m. on or around 10 December 2024.

 

Total voting rights

 

Following Admission, the Company's enlarged issued share capital will be
1,000,000,000 Ordinary Shares. The Company holds no Ordinary Shares in
Treasury. This figure of 1,000,000,000 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.

 

For further information, please contact:

 

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

 Tomer Assis, 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                                    Acquisition of new ordinary shares in Placing
 c)   Price(s) and volume(s)

 
                                                                                   Price(s)        Volume(s)
                                                                                   0.133p          4,887,218
 d)   Aggregated information                                       N/a - single transaction
 e)   Date of the transaction                                      03 December 2024
 f)   Place of the transaction                                     Outside a trading venue

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEFSMESDELSEFE