REG - Ethernity Networks - Placing to raise £88,750

Ethernity NetworksAnnouncement

14/03/2025 07:00

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RNS Number : 6480A  Ethernity Networks Ltd  14 March 2025

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14 March 2025

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Placing to raise £88,750

 

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 £88,750 (gross) through the
issue of  177,500,000 new ordinary shares of NIS 0.001 each ("Placing
Shares") at an issue price of 0.05p per share (the "Issue Price). CMC Markets
UK Plc trading as CMC CapX, acted as the Company's placing agent in respect of
the placing.

 

Highlights

 

·      Placing to raise £88,750 through the issue of Placing Shares at
the Issue Price.

 

·      Admission of the Placing Shares is expected to occur on or around
20 March 2025.

 

Background to, reasons for the Placing and use of proceeds

 

The Directors consider that it is appropriate to undertake the Placing at this
time in order to provide additional working capital to fund the Company.
Further to the Company's announcement of 21 January 2025, pursuant to the
creditor settlement plan, the Company has a 'grace' period to settle its
payment obligations by the end of April. The Company will need to seek
additional share authorities to be able to raise funds to repay creditors and
an EGM to seek these authorities will be convened in due course.

 

The Issue Price represents a discount of approximately 17% to the mid-market
closing price of 0.06 pence per share on 13 March 2025.

 

Admission to trading

 

The Placing Shares are being issued pursuant to the Company's existing
authorities to issue and allot new ordinary shares of NIS 0.001 each
("Ordinary Shares") free of pre-emption rights and will rank pari passu with
the Company's existing Ordinary Shares. Application is being made for the
admission of the 177,500,000 Placing Shares to trading on AIM ("Admission")
and Admission is expected to occur at 8.00 a.m. on or around 20 March 2025.

 

Total voting rights

 

Following Admission, the Company's enlarged issued share capital will be
1,400,000,000 Ordinary Shares. The Company holds no Ordinary Shares in
Treasury. This figure of 1,400,000,000 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.

 

 

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