29th Apr 2025 10:24
29 April 2025
ETHERNITY NETWORKS LIMITED
("Ethernity" or the "Company")
Result of EGM
Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, is pleased to confirm that at the Company's Extraordinary General Meeting, held earlier today, the resolution was duly passed.
The resolution proposed at the meeting was a special resolution to allow the Directors to disapply pre-emption rights on an equity issue for cash and received votes in favour representing 89.19% of the total votes cast. It was therefore passed as it achieved the requisite 75% majority. The full voting results are set out in Appendix A at the end of this announcement.
As per previous announcements, the approval of the resolution to allow the Company to disapply pre-emption rights on equity issues for cash has been sought, inter alia, to enable the Company to raise further funding to support the settlement of its payment obligations pursuant to the creditor settlement plan and allow the Company to progress its potential ASIC business.
The Company has received approval from the Settlement Manager for a six-month extension to the creditor payments under the existing settlement plan, which were originally scheduled to be completed by the end of April. This extension is subject to final approval by the Court.
Should the extension be approved by the Court, it would allow the Company until the end of October 2025 to settle the outstanding amount due pursuant to the creditor settlement plan, but it remains the Company's intention to raise the required funds and settle the outstanding balance as soon as possible.
For further information, please contact:
Ethernity Networks Ltd | Tel: +972 3 748 9846 |
David Levi, Chief Executive Officer Tomer Assis, Chief Financial Officer | |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0)20 3328 5656 |
James Reeve / Piers Shimwell (Corporate Finance) Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking) | |
CMC Markets UK plc (Joint Broker) | Tel: +44 (0)20 3003 8632 |
Douglas Crippen | |
| |
Peterhouse Capital Limited (Joint Broker) | Tel: +44 (0)20 7562 0930 |
Lucy Williams / Duncan Vasey / Eran Zucker |
About Ethernity Networks
Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware, enhancing telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for various networking applications, alongside patented wireless access technology and fiber access media controllers, all equipped with control software boasting a rich set of networking features. Ethernity's solutions swiftly adapt to customers' evolving needs, accelerating time-to-market and facilitating the deployment of 5G over wireless and fiber infrastructure.
Appendix A
All resolutions and voting undertaken and counted in terms of Israel Companies Law | ||||||
Resolution | Outcome | Votes For | Votes Against | % For | % Against | Votes Withheld |
1. Disapplication of pre-emption rights on equity issues for cash | Passed | 131,966,239 | 15,987,163 | 89.19% | 10.81% | - |
Total votes cast were 147,953,402 representing 10.57% of the Company's total issued share capital.
Related Shares:
Ethernity Net