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 Identification code | ordinary shares of NIS 0.001 nominal value each ISIN: IL0011410359 | ||||
| b) | Nature of the transaction | Grant of options | ||||
| c)
| Price(s) and volume(s) |
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| 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 |
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| 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) |
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| CMC Markets UK plc (Joint Broker) | Tel: +44 (0)20 3003 8632 |
| Douglas Crippen |
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| Peterhouse Capital Limited (Joint Broker) | Tel: +44 (0)20 7562 0930 |
| Lucy Williams / Duncan Vasey / Eran Zucker |
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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 | ||||||
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Resolution | Outcome | Votes For | Votes Against | % For | % Against | Votes Withheld |
| 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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