Re-appointment of Chairman and Issue of Equity

Ethernity Networks Ltd

08 March 2024

 

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:

Ethernity Networks Ltd Tel: [phone] David Levi, Chief Executive Officer Ayala Deutsch, Chief Financial Officer Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: [phone] James Reeve / Piers Shimwell (Corporate Finance) Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking) CMC Markets UK plc (Joint Broker) Tel: [phone] Douglas Crippen Peterhouse Capital Limited (Joint Broker) Tel: [phone] 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.

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 instrument Identification code	ordinary shares of NIS 0.001 nominal value each 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 2.5p	921,152
d)	Aggregated information	N/a - single transactions
e)	Date of the transaction	7 March 2024
f)	Place of the transaction	Outside of a trading venue

 

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