Placing to raise £130,028
Ethernity Networks raises £130,028 through placing of 97.8m shares at 0.133p per share.
- Gross proceeds £130,028
- Shares issued 97,766,091
- Issue price 0.133p per share
- CEO subscription 4,887,218 shares
- CEO holding post-admission 36,704,616 shares (3.67%)
Select text to share a quote on X · sign in to keep highlights & notes in your ENET notes
Ethernity Networks Limited (AIM: ENET.L) (OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances announces a placing (the "Placing") to raise £130,028 (gross) through the issue of 97,766,091 new ordinary shares of NIS 0.001 each ("Ordinary Shares") at an issue price of 0.133p per share (the "Issue Price"). Peterhouse Capital Limited ("Peterhouse") is acting as placing agent to the Placing. The Placing has not been underwritten.
Highlights
- Placing to raise £130,028 through the issue of 97,766,091 new Ordinary Shares (the "Placing Shares") at the Issue Price.
- David Levi, CEO, has subscribed for 4,887,218 Placing Shares.
- Admission of the Placing Shares is expected to occur on or around 10 December 2024.
Background to, reasons for the Placing and use of proceeds
On 28 November 2024, the Company provided a business update. The Directors consider that it is appropriate to undertake the Placing at this time in order to provide additional working capital whilst discussions with potential customers progress.
Details of the Placing
The Company has resolved to issue 97,766,091 Placing Shares at the Issue Price raising gross proceeds of £130,028. The Placing Shares have been issued utilising the Company's existing authorities to issue new Ordinary Shares on a non-pre-emptive basis.
Director participation in the Placing
David Levi has subscribed for 4,887,218 Placing Shares at the Issue Price. Following admission of the Placing Shares to trading on AIM, David Levi will hold 36,704,616 Ordinary Shares, representing 3.67% of the Company's enlarged issued share capital.
Admission to trading
The Placing Shares are being issued pursuant to the Company's existing authorities to issue and allot new Ordinary Shares free of pre-emption rights. The Placing Shares will rank pari passu with the Company's existing Ordinary Shares. Application is being made for the admission of the 97,766,091 Placing Shares to trading on AIM ("Admission") and Admission is expected to occur at 8.00 a.m. on or around 10 December 2024.
Total voting rights
Following Admission, the Company's enlarged issued share capital will be 1,000,000,000 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 1,000,000,000 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.
| a) | Name | David Levi |
| 2 | Reason for the notification | |
| a) | Position/status | CEO |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Ethernity Networks Ltd. |
| b) | LEI | 213800LZJO33QBNXU496 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of NIS 0.001 nominal value each ISIN: IL0011410359 |
| b) | Nature of the transaction | Acquisition of new ordinary shares in Placing |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 0.133p | 4,887,218 | |
| d) | Aggregated information | N/a - single transaction |
| e) | Date of the transaction | 03 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.