Result of EGM and grant of options
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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 its Extraordinary General Meeting, held earlier today, all resolutions put to shareholders were duly passed on a poll. The voting results are set out in Appendix A at the end of this announcement.
Grant of options
Following the passing of the resolutions, the Company has granted the 30,618,170 options (the "Options") to certain directors of the Company on the proposed terms set out in the notice of general meeting announcement on 15 November 2024, as follows:
| Director | No. of Options granted | Total options over Ordinary Shares held post grant | Percent of issued share capital |
|---|---|---|---|
| David Levi (CEO) | 21,789,223 | 33,497,242 | 3.35% |
| Shavit Baruch (VP R&D) | 6,574,161 | 11,070,118 | 1.11% |
| Yosi Albagli (Chairman) | 2,254,786 | 2,749,455 | 0.27% |
| TOTAL | 30,618,170 | 47,316,815 | 4.73% |
The Options have an exercise price of £0.00247. The Options will vest over three years in 12 equal portions, with 1/12 of the Options vesting at the end of each quarter following the date of grant.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. David Levi, CEO 2. Shavit Baruch, VP, R&D 3. Yosi Albagli, Chairman |
| 2 | Reason for the notification | |
| a) | Position/status | As per 1(a) |
| 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 | Grant of options |
| c) | Price(s) and volume(s) | Exercise Price(s) Volume(s) All 0.247p 1. 21,789,223 2. 6,574,161 3. 2,254,786 |
| d) | Aggregated information | N/A - single transactions |
| e) | Date of the transaction | 23 December 2024 |
| f) | Place of the transaction | Outside a trading venue |
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. Increasing the authorised share capital of the Company | Passed | 61,534,933 | 9,203,089 | 86.99% | 13.01% | 5,014 |
| 2. Disapplication of pre-emption rights on equity issues for cash | Passed | 60,922,949 | 9,551,756 | 86.45% | 13.55% | 268,331 |
| 3. Approval of Options award to David Levi (1) | Passed | 20,698,450 | 5,977,598 | 77.59% | 22.41% | 9,222,372 |
| 4. Approval of Options award to Shavit Baruch | Passed | 55,543,066 | 5,977,598 | 90.28% | 9.72% | 9,222,372 |
| 5. Approval of Options award to Joseph Albagli | Passed | 55,543,066 | 5,977,598 | 90.28% | 9.72% | 9,222,372 |
Votes exclude personal interest shares
Total votes cast were 70,743,036 representing 7.07% of the Company's total issued share capital.
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