REG - Ethernity Networks - Update on TSP process

Ethernity NetworksAnnouncement

04/01/2024 16:00

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RNS Number : 7061Y  Ethernity Networks Ltd  04 January 2024

04 January 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Update on TSP process

 

Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of
networking processing semiconductor technology ported on field programmable
gate arrays ("FPGAs") for virtualised networking appliances announces an
update on the Company's ongoing temporary suspension of proceedings ("TSP")
process.

 

Further to the Company's announcement on 20 December 2023, a meeting of the
Company's creditors took place earlier today to consider and vote on the
Company's proposed settlement plan (the "Settlement Proposal"). Under the
Settlement Proposal, there are three categories of creditors, being: (i)
Guaranteed Creditors; (ii) Priority Creditors; and (iii) General Creditors.
The significant majority of General and Guaranteed Creditors by number and
creditor balance approved the Settlement Proposal. The Company has not yet
received final votes from all the Priority Creditors (which represent
approximately one quarter of the total creditor balance) and remains in
discussion with them in order to obtain their votes. Subject to achieving the
required level of creditor support for the Settlement Proposal, the TSP
settlement manager will report back to the Court in Lod ("Court") to seek the
Court's approval of the Settlement Proposal. A further update will be provided
in due course.

 

For further information, please contact:

 

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

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

 

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