TIDMENET
RNS Number : 1898N
Ethernity Networks Ltd
19 January 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the Market Abuse Regulations (EU) No. 596/2014
("MAR"). With the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM AUSTRALIA, NEW
ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, ACQUIRE
OR SUBSCRIBE FOR (OR THE SOLICITATION OF AN OFFER TO BUY, ACQUIRE
OR SUBSCRIBE FOR) ORDINARY SHARES TO ANY PERSON WITH A REGISTERED
ADDRESS IN, LOCATED IN, OR WHO IS A RESIDENT OF, THE UNITED STATES,
AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH
AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL OR CONTRAVENE ANY
REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER THE SECURITIES
LAWS OF ANY SUCH JURISDICTION.
19 January 2023
ETHERNITY NETWORKS LTD
("Ethernity" or the "Company")
Result of Broker Option, Director Dealing and Total Voting
Rights
Further to the Company's announcement at 7.00 a.m. on 17 January
2023 (the "Fundraise Announcement"), Ethernity announces that the
Broker Option has now closed. The Broker Option has raised
GBP100,000 at the Issue Price of 7p per share through the issue of
1,428,572 new Ordinary Shares ("Broker Option Shares"). In
addition, conditional on the approval of shareholders to provide
headroom for the issue of new Ordinary Shares at the EGM,
recipients of Broker Option Shares will be granted one warrant for
every Broker Option Share received, exercisable at a price of 15p
per warrant (the "Broker Option Warrants"). The Broker Option
Warrants will be on the same terms as the Warrants issued pursuant
to the Placing, as detailed within the Fundraise Announcement.
The total amount raised by the Company under the Placing and the
Broker Option is GBP1.65 million (before expenses).
Director participation
As detailed within the Fundraise Announcement, Shavit Baruch, VP
R&D, is participating for 668,771 new Ordinary Shares at the
Issue Price via the Broker Option.
Following this purchase, Shavit Baruch's interest in the
Company's Ordinary Shares shall comprise 5,760,438 Ordinary Shares
representing approximately 5.54% of the Company's issued share
capital as enlarged by the Placing Shares, the Fee Shares and the
Broker Option Shares.
Related party transaction
As a Director of Ethernity, Shavit Baruch is a related party of
the Company under the AIM Rules for Companies. The Directors of the
Company (excluding David Levi and Shavit Baruch), having consulted
with the Company's Nominated Adviser, Allenby Capital Limited,
consider that the terms of Shavit Baruch's participation in the
Broker Option are fair and reasonable in so far as the Company's
shareholders are concerned.
Peterhouse warrants
Pursuant to the Placing and Broker Option, Peterhouse Capital
has been granted warrants to subscribe for 573,429 new Ordinary
Shares, at a price of 7p per Ordinary Share (the "Peterhouse
Warrants"). The Peterhouse Warrants are exercisable for a period of
24 months from the date of Admission. The Peterhouse Warrants are
not conditional on the passing of the resolutions at the EGM.
Admission to trading
Application has been made to the London Stock Exchange for the
Broker Option Shares to be admitted to trading on AIM ("Second
Admission"). Second Admission is expected to occur at 8.00 a.m. on
or around 25 January 2023. The Broker Options Shares will rank pari
passu with the Company's existing Ordinary Shares.
Total voting rights
Following Second Admission, the Company's enlarged issued share
capital will be 104,044,638 Ordinary Shares. The Company holds no
Ordinary Shares in Treasury. This figure of 104,044,638 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.
Defined terms in this announcement shall have the same meaning
as set out in the Fundraise Announcement, unless otherwise
specified herein.
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
Harbor Access Inc (US Investor Relations) Tel: +1 (475) 477
Jonathan Paterson 9401
About Ethernity ( www.ethernitynet.com )
Ethernity Networks (AIM: ENET.L OTCQB: 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 NFV.
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 S havit Baruch
-------------------------------------- ---------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------------------
a) Position/status Director
-------------------------------------- ---------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------- ---------------------------------------------------
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 ordinary shares of NIS 0.001 nominal value
financial instrument, each
type of instrument
Identification code ISIN: IL0011410359
b) Nature of the transaction Placing of new Ordinary Shares
c) Price(s) and volume(s)
---------------------- ------------------------
Price(s) Volume(s)
---------------------- ------------------------
7p 668,771
---------------------- ------------------------
d) Aggregated information N/A
e) Date of the transaction 18 January 2023 to be completed on 25 January
2023
f) Place of the transaction Outside a trading venue
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END
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January 19, 2023 02:00 ET (07:00 GMT)
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