29th Dec 2020 15:11
(Alliance News) - Ethernity Networks Ltd on Tuesday said its chair has agreed to stay up to the end of his formal notice period while the process to recruit his successor continues.
Shares in Ethernity were up 8.3% at 35.75 pence in London in afternoon trading.
On November 18, the Lod, Israel-based network processing technology supplier said Chair Graham Woolfman had tendered his resignation and would be leaving by 2020 end "to concentrate on his other business interests".
However, after talks with the Ethernity board, Woolfman has agreed to stay on as chair up to the end of his formal notice period in mid-February. During this time, the firm will progress the process of recruiting a new chair, with further updates to follow.
Additionally, having obtained shareholder approval, Ethernity is to issue 165,000 new shares to Woolfman, following which he will have an interest in 175,715 shares or a 0.4% stake.
Neil Rafferty, a non-executive director, will be issues 140,000 shares, giving him a 147,143 share or 0.3% interest.
The granting of options over 100,000 shares in Ethernity have been granted to Executive Director Mark Reichenberg has been ratified.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Ethernity Net