REG - Ethernity Networks - Result of EGM and grant of options

Ethernity NetworksAnnouncement

23/12/2024 10:30

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RNS Number : 1275R  Ethernity Networks Ltd  23 December 2024

 

23 December 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Result of EGM and grant of options

 

Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier
of data processing semiconductor technology for networking appliances, is
pleased to confirm that at its Extraordinary General Meeting, held earlier
today, all resolutions put to shareholders were duly passed on a poll.  The
voting results are set out in Appendix A at the end of this announcement.

 

Grant of options

 

Following the passing of the resolutions, the Company has granted the
30,618,170 options (the "Options") to certain directors of the Company on the
proposed terms set out in the notice of general meeting announcement on 15
November 2024, as follows:

 

 Director                    No. of Options granted  Total options over Ordinary Shares held post grant  Percent of issued share capital
 David Levi (CEO)            21,789,223              33,497,242                                          3.35%
 Shavit Baruch (VP R&D)      6,574,161               11,070,118                                          1.11%
 Yosi Albagli (Chairman)     2,254,786               2,749,455                                           0.27%
 TOTAL                       30,618,170              47,316,815                                          4.73%

 

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.

 

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                                                         1.   David Levi, CEO

                                                                   2.   Shavit Baruch, VP, R&D

                                                                   3.   Yosi Albagli, Chairman
 2    Reason for the notification
 a)   Position/status                                              As per 1(a)
 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  ordinary shares of NIS 0.001 nominal value each

      Identification code                                          ISIN: IL0011410359
 b)   Nature of the transaction                                    Grant of options
 c)   Price(s) and volume(s)

Exercise Price(s)  Volume(s)
                                                                   All 0.247p         1.   21,789,223

                                                                             2.   6,574,161

                                                                             3.   2,254,786

 
 d)   Aggregated information                                       N/A - single transactions
 e)   Date of the transaction                                      23 December 2024
 f)   Place of the transaction                                     Outside a trading venue

 

d)

Aggregated information

N/A - single transactions

e)

Date of the transaction

23 December 2024

f)

Place of the transaction

Outside a trading venue

 

 

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 (www.ethernitynet.com)

 

Ethernity Networks (AIM: ENET.L) (OTCMKTS: ENETF), provides innovative,
comprehensive networking and security solutions on programmable hardware for
accelerating telco/cloud networks. Ethernity's semiconductor 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 Broadband Networks.

 

 

Appendix A

 

 All resolutions and voting undertaken and counted in terms of Israel Companies
 Law
                                                                        Outcome  Votes For   Votes Against  %       %         Votes Withheld

 Resolution                                                                                                 For     Against
 1.   Increasing the authorised share capital of the Company            Passed   61,534,933  9,203,089      86.99%  13.01%    5,014
 2.   Disapplication of pre-emption rights on equity issues for cash    Passed   60,922,949  9,551,756      86.45%  13.55%    268,331
 3.   Approval of Options award to David Levi ((1))                     Passed   20,698,450  5,977,598      77.59%  22.41%    9,222,372
 4.   Approval of Options award to Shavit Baruch                        Passed   55,543,066  5,977,598      90.28%  9.72%     9,222,372
 5.   Approval of Options award to Joseph Albagli                       Passed   55,543,066  5,977,598      90.28%  9.72%     9,222,372

 

(1) Votes exclude personal interest shares

 

Total votes cast were 70,743,036 representing 7.07% of the Company's total
issued share capital.

 

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