15 November 2024
ETHERNITY NETWORKS
LIMITED
("Ethernity" or the
"Company")
Proposed option grants and
notice of EGM
Ethernity Networks Limited (AIM:
ENET.L) (OTCMKTS: ENETF), a leading supplier of data processing
semiconductor technology for networking appliances, announces the
grant of options to certain employees, the proposed grant of
options to certain directors of the Company (the "Option Grants") and provides notice of
an extraordinary general meeting of the Company (the "EGM"), which is being convened,
inter alia, for the
purpose of seeking shareholder approval for the Option
Grants.
Option Grants and proposed Option Grants
Following the approval and
recommendation of the Company's Remuneration Committee, the Board
of Directors approved the grant of Options to the Company's
Executive Directors and the Company's Chairman of the Board (in
compliance with the Company's compensation policy), and also to
Company employees and subcontractors in order to encourage their
retention, implement and deliver the business strategy and
completing the product development, to enable the Company's growth,
success and a potential improvement in the share price whilst
conserving cash. In total, 63,600,000
options (the "Options")
over new ordinary shares of NIS 0.001 each ("Ordinary Shares") are to be granted.
32,981,830 Options have been granted to certain employees and
subcontractors of the Company. A further 30,618,170 are proposed to
be granted to certain directors of the Company as
follows:
|
Director
|
No. of Options proposed to
be granted
|
Total options over Ordinary
Shares held post grant
|
Percent of issued share
capital
|
|
David Levi (CEO)
|
21,789,223
|
33,497,242
|
3.71%
|
|
Shavit Baruch (VP
R&D)
|
6,574,161
|
11,070,118
|
1.23%
|
|
Yosi Albagli (Chairman)
|
2,254,786
|
2,749,455
|
0.30%
|
|
TOTAL
|
30,618,170
|
47,316,815
|
5.24%
|
Per applicable UK law and the AIM
Rules for Companies, as long as the Options are allocated in
accordance with the Company's compensation policy, there is no need
for obtaining shareholder approval. However, under Israeli law, the
grants of Options to the Company's Executive Directors and to the
Company's Chairman are subject to approval of the shareholders at a
general meeting.
The Options have an exercise price
of £0.00247. The
Options will vest over three years in 12 equal portions, with 1/12
of the Options vesting at the end of each quarter following the
date of grant.
Notice of EGM
The Company will shortly post to
shareholders a notice of EGM, to be held at 3rd Floor Beit Golan, 1
Golan St. Corner HaNegev, Airport City 7019900, Israel at 11.00
a.m. Israel time (9.00 a.m. UK time) on 23 December 2024. The
purpose of the EGM is to seek shareholder approval for increasing
the authorised share capital of the Company, disapplication of
pre-emption rights on equity issues for cash and approval of the
Option Grants to directors. A copy of the EGM notice will be made
available on the Company's website, www.ethernitynet.com.
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.