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:
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Ethernity Networks Ltd
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Tel: +972 3 748 9846
|
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David Levi, Chief Executive
Officer
Ayala Deutsch, Chief Financial
Officer
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Allenby Capital Limited (Nominated Adviser and Joint Broker)
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Tel: +44 (0)20 3328 5656
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James Reeve / Piers Shimwell
(Corporate Finance)
Amrit Nahal / Stefano Aquilino
(Sales and Corporate Broking)
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CMC
Markets UK plc (Joint
Broker)
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Tel: +44 (0)20 3003 8632
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Douglas Crippen
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Peterhouse Capital Limited (Joint Broker)
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Tel: +44 (0)20 7562 0930
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Lucy Williams / Duncan Vasey / Eran
Zucker
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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
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1
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Details of the person discharging managerial responsibilities
/ person closely associated
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a)
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Name
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Joseph Albagli
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2
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Reason for the notification
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a)
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Position/status
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Director
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b)
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Initial notification
/Amendment
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Initial notification
|
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3
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Details of the issuer, emission allowance market participant,
auction platform, auctioneer
or
auction monitor
|
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a)
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Name
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Ethernity Networks Ltd.
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b)
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LEI
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213800LZJO33QBNXU496
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4
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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
|
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a)
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Description of the financial
instrument, type of
instrument Identification
code
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ordinary shares of NIS 0.001 nominal
value each
ISIN: IL0011410359
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b)
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Nature of the transaction
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Shares element of annual
remuneration
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c)
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Price(s) and volume(s)
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Price(s)
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Volume(s)
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Allotment of shares
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Average 2.5p
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921,152
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d)
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Aggregated information
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N/a - single transactions
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e)
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Date of the transaction
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7 March 2024
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f)
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Place of the transaction
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Outside of a trading
venue
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