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REG - Ethernity Networks - Notice of AGM & Director Dealings

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RNS Number : 7112H  Ethernity Networks Ltd  08 April 2022

8 April 2022

 

ETHERNITY NETWORKS LTD.

 

("Ethernity" or the "Company")

 

Notice of AGM, Issue of Director Shares and Options, and Further re
Directorate Change

 

Ethernity Networks (AIM: ENET), a leading supplier of networking processing
technology ported on FPGA (field programmable gate array) for virtualised
networking appliances, announces that its notice of annual general meeting
("AGM") is being despatched to shareholders. A copy of the AGM notice,
together with the forms of proxy and direction, are available on the Company's
website at: www.ethernitynet.com (http://www.ethernitynet.com) .

The Company's AGM (the "Meeting") will be held at the offices of the Company
at 3rd Floor, Beit Golan, 1 Golan St. Corner HaNegev, Airport City 7019900
Israel at 9.00 a.m. UK time (11.00 a.m. Israel time) on 16 May 2022.

Shareholder's attention is drawn to the voting procedures under the current
COVID-19 situation, detailed in the AGM notice.

Issue of Shares to a Director

Under his contract, Yosi Albagli receives a portion of his annual remuneration
as non-Executive Chairman in Ethernity shares.

Consequently, the Company will issue 37,106 new ordinary shares of NIS 0.001
each in the Company ("Ordinary Shares") to Mr Albagli, in satisfaction of the
share element of his remuneration for the period from 10 March 2021 to 28
February 2022, following which he will be interested in 37,106 Ordinary Shares
representing 0.05% of the Company's enlarged issued share capital.

Application will be made to the London Stock Exchange for 37,106 new Ordinary
Shares to be admitted to trading on AIM ("Admission") and Admission is
expected to occur on or around 14 April 2022. 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
75,388,844 Ordinary Shares. The Company holds no Ordinary Shares in Treasury.
This figure of 75,388,844 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.

Issue of Options to Directors

On 8 April 2022, following a recommendation of the Company's Remuneration
Committee, the Board of Directors awarded a grant of 200,000 options over
Ordinary Shares, at an exercise price of 29p per Ordinary Share, to each of
David Levi (CEO) and Shavit Baruch (Executive Director) under the terms of the
Company's registered Israel Share Option Plan, vesting over 3 years. Under the
Israeli Companies Law this award is subject to and conditional upon the
approval by the shareholders at the AGM of the Company on 16 May 2022.

Director Disclosures

Further to the announcement earlier today regarding Richard Bennett's
appointment as an Independent Non-Executive Director, the following is
disclosed pursuant to AIM Rule 17 or paragraph (g) of Schedule Two of the AIM
Rules for Companies.

Richard Bennett (aged 53) holds or has held the below current and former
directorships within the past 5 years. Mr Bennett has no beneficial interest
in the Ordinary Shares of Ethernity.

 

 Current Directorships/Partnerships     Getech Group plc

                                        China New Energy Limited

                                        Sunbird Bioenergy Africa Limited

                                        Sunbird Bioenergy Zambia Limited

                                        Sunbird Bioenergy Sierra Leone Limited

                                        Sunbird Bioenergy Management SL Ltd

                                        Grey Reach Investments

                                        Nocoo Ltd

                                        Quagent Ltd

 Previous Directorship / Partnerships:  MTI Wireless Edge Ltd

                                        MRJ Bioenergy Ltd

                                        Crimson Plantations Ltd

 

Save as set out above, there is no further information to be disclosed in
relation to Mr Bennett's appointment pursuant to AIM Rule 17 or paragraph (g)
of Schedule Two of the AIM Rules for Companies.

 

 

For further information, please contact:

 Ethernity Networks                           Tel: +972 8 915 0392
 David Levi, Chief Executive Officer
 Mark Reichenberg, Chief Financial Officer

 Arden Partners plc (NOMAD and Joint Broker)  Tel: +44 207 614 5900
 Richard Johnson / George Morgan

 Peterhouse Capital Limited (Joint Broker)    Tel: +44 20 3005 5000
 Lucy Williams / Duncan Vasey / Eran Zucker

About Ethernity (www.ethernitynet.com (http://www.ethernitynet.com) )

Template for 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 39.45p    37,106

 d)   Aggregated information                            N/a - single transactions
 e)   Date of the transaction                           8 April 2022
 f)   Place of the transaction                          Outside of a trading venue

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                              1.     David Levi

                                                        2.     Shavit Baruch

 2    Reason for the notification
 a)   Position/status                                   1.     Director

                                                        2.     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                         Grant of Options
 c)   Price(s) and volume(s)

                                                                          Price(s)          Volume(s)
      Allotment of shares                                                 1.     29p        1.     200,000

                                                                          2.     29p        2.     200,000

 d)   Aggregated information                            Grant of 400,000 options exercisable at 29p
 e)   Date of the transaction                           8 April 2022
 f)   Place of the transaction                          Outside of a trading venue

 

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