Ethernity Networks Ltd Change of Adviser (4393J)
27 Abril 2022 - 1:01AM
UK Regulatory
TIDMENET
RNS Number : 4393J
Ethernity Networks Ltd
27 April 2022
27 April 2022
Ethernity Networks Ltd
("Ethernity" or the "Company")
Change of Adviser
Ethernity Networks Ltd (AIM: ENET.L), a leading supplier of
networking processing semiconductor technology ported on FPGA
(field programmable gate array) for virtualised networking
appliances, is pleased to announce the appointment of Allenby
Capital Limited as the Company's nominated adviser and joint broker
with immediate effect. Peterhouse Capital Limited and Arden
Partners plc will continue as joint brokers to the Company.
As detailed below, the appointment of Allenby Capital Limited
has been undertaken ahead of the completion of its full due
diligence as it would not have been possible for this to have been
finalised ahead of the loss of Arden Partners plc's nominated
adviser status on 28 April 2022, given the extremely short
timeframe from the announcement that Arden Partners plc would no
longer be able to provide nominated adviser services (being 11
April 2022). This situation is not unique to the Company and is the
same for all AIM companies to which Arden Partners plc acted as
nominated adviser.
David Levi, CEO of Ethernity, commented: "We are happy to
welcome Allenby Capital as our new nominated adviser and joint
broker and look forward to their support and partnership in
Ethernity's continued growth."
Further details on the appointment of Allenby Capital
Limited
Further to the announcements by Arden Partners plc on 11 and 14
April 2022 regarding the loss of its nominated adviser status upon
the completion of its recommended takeover, the Company has
appointed Allenby Capital Limited as its nominated adviser. Given
the timing of the completion of the recommended takeover of Arden
Partners plc, London Stock Exchange plc has agreed that subject to
initial due diligence being undertaken, Allenby Capital Limited has
until 5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due
diligence and its impact on Allenby Capital Limited's decision to
continue to act as nominated adviser. Accordingly, in such
circumstances there is a risk that if Allenby Capital Limited does
not continue to act as nominated adviser following completion of
its full due diligence and the Company has not found an alternative
nominated adviser, the Company's AIM securities may be suspended
pursuant to AIM Rule 1. If, within one month of that suspension,
the Company has failed to appoint a replacement nominated adviser,
the admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of
completing full due diligence obligations at engagement, Allenby
Capital Limited will continue to be subject to all the ongoing
nominated adviser responsibilities under the AIM Rules for
Nominated Advisers.
For further information, please contact:
Ethernity Networks Ltd Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328
and Joint Broker) 5656
James Reeve / Piers Shimwell (Corporate
Finance)
Amrit Nahal (Sales and Corporate Broking)
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0)20 7562
0930
Lucy Williams / Duncan Vasey / Eran Zucker
Arden Partners plc (Joint Broker) Tel: +44 ( 0) 20
7614 5900
Tim Dainton
About Ethernity Networks
Ethernity Networks (AIM: ENET.L) provides innovative,
comprehensive networking and security solutions on programmable
hardware for accelerating telco/cloud networks. Ethernity's FPGA
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 NFV.
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END
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