TIDMENET
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 .
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 / MTI Wireless Edge Ltd
Partnerships: 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 )
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 ordinary shares of NIS 0.001 nominal
instrument, type of 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 ordinary shares of NIS 0.001 nominal
instrument, type of 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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END
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