Ethernity Networks updates on Chairman position

Chairman

Ethernity Networks Ltd (LON:ENET), a leading supplier of data processing offload solutions on programmable FPGA (field programmable gate array) hardware for accelerating telco/cloud networks, has announced an update on the Chairman position and that all resolutions proposed at its Extraordinary General Meeting held earlier today were duly passed.

Update on Chairman

Further to the Company’s announcement on 18 November 2020, following discussions with the Board, Graham Woolfman has agreed to continue in his role as Chairman beyond the end of this year up to the end of his formal notice period in mid-February 2021 while the Company progresses the process of recruiting a new Chairman. The Company will provide a further update in due course

Result of EGM

Following shareholder approval, the Company will issue 165,000 new ordinary shares of NIS 0.001 each in the Company (“Ordinary Shares”) to Graham Woolfman, non-executive Chairman, following which he will be interested in 175,715 Ordinary Shares representing 0.37% of the Company’s enlarged issued share capital, and 140,000 Ordinary Shares to Neil Rafferty, non-executive director, following which he will be interested in 147,143 Ordinary Shares representing 0.31% of the Company’s enlarged issued share capital. In addition, a grant of 100,000 options in the Company to Mark Reichenberg, executive director, has been ratified. Further details were set out in the Company announcement on 19 November 2019.

Application will be made to the London Stock Exchange for 305,000 new Ordinary Shares to be admitted to trading on AIM (“Admission”) and Admission is expected to occur on or around 6 January 2021. 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 46,947,410 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 46,947,410 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.

Each of the resolutions put to the Meeting were voted on by way of a poll. The results of the poll for each resolution were as follows:

#    ResolutionVotes
FOR
%Votes AGAINST%Total Votes Cast (excluding Votes WITHHELD)Votes WITHELD
1Issue of ordinary shares to Graham Woolfman, non-executive Chairman  27,568,601100%00%27,568,60113,238,203
2Issue of ordinary shares to Neil Rafferty, non-executive director27,561,458100%00%27,561,45813,238,203
3Award of options to Mark Reichenberg, director  27,568,601100%00%27,568,60113,238,203

NOTES:

Link Asset Services acted as scrutineer of the poll on all resolutions.

1.  Proxy appointments which gave discretion to the Chairman of the Meeting have been included in the “For” total for the appropriate resolution.

2.  Votes “For” and “Against” any resolution are expressed as a percentage (rounded to two decimal places) of votes validly cast for that resolution.

3.  A “Vote withheld” is not a vote in law and is not counted in the calculation of the percentage of shares voted “For” or “Against” any resolution.

4.  As at 22 December 2020, Ethernity Networks’ issued share capital consists of 44,138,404 ordinary shares with a nominal value of NIS0.001 each,

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Ethernity Networks Ltd

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