REG - Ethernity Networks - Result of EGM

Ethernity NetworksAnnouncement

Tue 10:30

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RNS Number : 6274G  Ethernity Networks Ltd  29 April 2025

29 April 2025

ETHERNITY NETWORKS LIMITED

("Ethernity" or the "Company")

 

Result of EGM

 

Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier
of data processing semiconductor technology for networking appliances, is
pleased to confirm that at the Company's Extraordinary General Meeting, held
earlier today, the resolution was duly passed.

 

The resolution proposed at the meeting was a special resolution to allow the
Directors to disapply pre-emption rights on an equity issue for cash and
received votes in favour representing 89.19% of the total votes cast. It was
therefore passed as it achieved the requisite 75% majority. The full voting
results are set out in Appendix A at the end of this announcement.

 

As per previous announcements, the approval of the resolution to allow the
Company to disapply pre-emption rights on equity issues for cash has been
sought, inter alia, to enable the Company to raise further funding to support
the settlement of its payment obligations pursuant to the creditor settlement
plan and allow the Company to progress its potential ASIC business.

 

The Company has received approval from the Settlement Manager for a six-month
extension to the creditor payments under the existing settlement plan, which
were originally scheduled to be completed by the end of April. This extension
is subject to final approval by the Court.

 

Should the extension be approved by the Court, it would allow the Company
until the end of October 2025 to settle the outstanding amount due pursuant to
the creditor settlement plan, but it remains the Company's intention to raise
the required funds and settle the outstanding balance as soon as possible.

 

 

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 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.

 

 

 

 

 

Appendix A

 

 All resolutions and voting undertaken and counted in terms of Israel Companies
 Law
                                                                        Outcome  Votes For    Votes Against  %       %         Votes Withheld

 Resolution                                                                                                  For     Against
 1.   Disapplication of pre-emption rights on equity issues for cash    Passed   131,966,239  15,987,163     89.19%  10.81%    -

 

Total votes cast were 147,953,402 representing 10.57% of the Company's total
issued share capital.

 

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