Ethernity Networks Ltd Share Subscription Agmt - 5th tranche and issue (9828W)
April 29 2021 - 1:00AM
UK Regulatory
TIDMENET
RNS Number : 9828W
Ethernity Networks Ltd
29 April 2021
29 April 2021
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
Fifth Investment under Investment Agreement and Allotment of
Shares
Ethernity Networks Ltd (AIM: ENET.L), a leading supplier of
networking processing technology ported on FPGA (field programmable
gate array) for virtualised networking appliances, announces that
it has received notice of payment of a fifth investment, in the
amount of GBP750,000, under the investment agreement with 5G
Innovation Leaders Fund LLC ("5G Fund" or the "Subscriber"), a
U.S.-based specialist investor, as announced on 25 September 2020
(the "Investment Facility").
5G Fund will make the investment of GBP750,000 by way of
prepayment, in the next five days, for new Shares, valued at
GBP823,500 (the "Fifth Investment"). The proceeds from the
investment will be used by the Company for general corporate and
working capital purposes.
Allotment of Shares
Separately, 5G Fund has provided the Company with settlement
notices for, in aggregate, GBP600,000 of the amount prepaid by the
Subscriber in the previous tranches of its investment.
Accordingly, the Company will issue and allot 2,033,898 new
ordinary shares in the Company ("Placement Shares") to the
Subscriber in two tranches, as detailed below. Following the
payment of the Fifth Investment and the issuance of the Placement
Shares, the amount subscribed for by the Subscriber in relation to
which shares will remain to be issued will be GBP1,144,500.
Application has been made to the London Stock Exchange for
1,016,949 new ordinary shares, being half of the Placement Shares
("First Issue"), to be admitted to trading on AIM and admission of
the First Issue shares is expected to occur on or around 5 May
2021. It is expected that application for admission of the balance
of the Placement Shares, being a further 1,016,949, Placement
Shares ("Second Issue"), will be made at a later date in May and
the Second Issue Placement Shares will be admitted to trading on
AIM on or around 1 June 2021. The Company will make a further
announcement at that time in relation to the second application.
The Placement Shares will, upon issue, rank pari passu with the
existing ordinary shares in the Company at the time of their
admission.
The Subscriber has confirmed to the Company that it has at all
times complied, and will continue to comply, with its obligations
in connection with the filing of TR-1 substantial shareholder
notification forms (if and when applicable).
Total voting rights
Following admission of the First Issue shares, the Company's
enlarged issued share capital will be 53,082,591 Ordinary Shares.
The Company holds no Ordinary Shares in Treasury. This figure of
53,082,591 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.
Market Abuse Regulation (MAR) Disclosure
The information contained in this announcement is deemed by the
Company to constitute inside information as stipulated under
Article 7 of the Market Abuse Regulations (EU) No 596/2014, which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018. With the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
For further information, please contact:
Ethernity Networks Ltd. Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial
Officer
Arden Partners plc (NOMAD and Joint Tel: +44 207 614 5900
Broker)
Richard Johnson / Benjamin Cryer
Peterhouse Capital Limited (Joint Tel: +44 20 7562 0930
Broker)
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 FPGA
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 NFV.
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