Notice of AGM and Issue of Director Shares

Ethernity Networks Ltd

06 July 2023

 

6 July 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

Notice of AGM and Issue of Director Shares

Ethernity Networks (AIM: ENET.L OTCQB:ENETF), a leading supplier of data processing semiconductor technology for networking appliances and fiber access controller for PON networks, announces that its notice of annual general meeting ("AGM") is being despatched to shareholders shortly. 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 AGM  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 14 August 2023.

Issue of shares to a Director

Under his 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 126,347 new Ordinary Shares to Mr Albagli, in satisfaction of the share element of his remuneration for the period from 1 March 2022 to 28 February 2023 at an average issue price of 11.87p per share. Following this issue, Mr Albagli will be interested in 256,787 Ordinary Shares, representing 0.19% of the Company's enlarged issued share capital.

Application will be made to the London Stock Exchange for 126,347 new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 12 July 2023. 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 136,916,888 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 136,916,888 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
Mark Reichenberg, 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)
Peterhouse Capital Limited (Joint Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker

About Ethernity (www.ethernitynet.com)

Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for different networking applications, innovative patented wireless access technology, and fibre access media controllers, all equipped with control software with a rich set of networking features. Ethernity's solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G over wireless and fibre 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 11.87p	126,347
d)	Aggregated information	N/a - single transactions
e)	Date of the transaction	6 July 2023
f)	Place of the transaction	Outside of a trading venue

 

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