REG - Ethernity Networks - Re-appointment of Chairman and Issue of Equity

Ethernity NetworksAnnouncement

08/03/2024 07:00

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RNS Number : 0739G  Ethernity Networks Ltd  08 March 2024

8 March 2024

 

ETHERNITY NETWORKS LIMITED

("Ethernity" or the "Company")

 

Re-appointment of Chairman and issue of Equity

 

Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier
of data processing semiconductor technology for networking appliances, is
pleased to announce that, following the conclusion of his initial three-year
term, Joseph ("Yosi") Albagli will remain as Non-Executive Chairman of the
Company. Yosi has been re-appointed as Non-Executive Chairman for an interim
period until his compensation and re-appointment for an additional three-year
term are approved by the Remuneration Committee, which can take place
following the appointment of the two external directors to the Board, details
of which were announced on 1 March 2024. The Company will then seek
shareholder approval for Yosi's compensation package as well as ratify his
re-appointment to the Board at a future general meeting. Further updates will
be provided in due course.

 

Issue of equity

 

Under his existing contract, Yosi Albagli receives a portion of his annual
remuneration as non-Executive Chairman in new ordinary shares of NIS 0.001
each in the Company ("Ordinary Shares").

 

Consequently, the Company has issued 921,152 new Ordinary Shares to Mr
Albagli, in satisfaction of the share element of his remuneration for the
period from 1 March 2023 to 29 February 2024 at an average issue price of 2.5p
per share. Following this issue, Mr Albagli will be interested in 1,177,939
Ordinary Shares, representing 0.31% of the Company's enlarged issued share
capital.

 

Total voting rights

 

Application will be made to the London Stock Exchange for 921,152 new Ordinary
Shares to be admitted to trading on AIM ("Admission") and Admission is
expected to occur on or around 13 March 2024. The new Ordinary Shares will,
upon issue, rank pari passu with the existing Ordinary Shares in the Company.
Following Admission, the Company's enlarged issued share capital will be
377,642,243 Ordinary Shares. The Company holds no Ordinary Shares in Treasury.
This figure of 377,642,243 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

 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 Networks

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF) provides innovative,
comprehensive networking and security solutions on programmable hardware,
enhancing telco/cloud network infrastructure capacity. Ethernity's
semiconductor logic offers data processing functionality for various
networking applications, alongside patented wireless access technology and
fiber access media controllers, all equipped with control software boasting a
rich set of networking features. Ethernity's solutions swiftly adapt to
customers' evolving needs, accelerating time-to-market and facilitating the
deployment of 5G over wireless and fiber infrastructure.

 

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                                              Joseph Albagli

 2    Reason for the notification
 a)   Position/status                                   Director

 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  ordinary shares of NIS 0.001 nominal value each

      instrument Identification code

                                                        ISIN: IL0011410359
 b)   Nature of the transaction                         Shares element of annual remuneration
 c)   Price(s) and volume(s)

                                                                          Price(s)          Volume(s)
      Allotment of shares                                                 Average 2.5p      921,152

 d)   Aggregated information                            N/a - single transactions
 e)   Date of the transaction                           7 March 2024
 f)   Place of the transaction                          Outside of a trading venue

 

 

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