Issue of Equity to Chairman
Ethernity Networks Limited has issued 6,936,578 new ordinary shares to its Chairman, Yosi Albagli, at an average price of 0.43p per share for the period March 2024 to February 2025, and 143,920,859 new ordinary shares at an average price of 0.02p per share for the period March 2025 to February 2026, as part of his remuneration. An additional 62,500,000 shares have been issued under existing authorities, increasing his total holding to 68,223,393 shares, representing 0.27% of the company's enlarged issued share capital of 25,031,828,493 shares post-admission on March 13, 2026. The remaining shares are subject to shareholder approval at an EGM on March 18, 2026.
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Ethernity Networks Limited (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing and PON semiconductor technology for networking appliances, announces, issue of equity to the Chairman of the Company, Yosi Albagli, in accordance with his compensation package.
Issue of equity
Under his existing contract, Yosi Albagli receives a portion of his annual remuneration as non-Executive Chairman in new ordinary shares of no par value in the Company ("Ordinary Shares").
Consequently, the Company has issued 6,936,578 new Ordinary Shares to Mr Albagli, in satisfaction of the share element of his remuneration for the period from 1 March 2024 to 28 February 2025 at an average issue price of 0.43p per share and 143,920,859 new Ordinary Shares in respect of the period from 1 March 2025 to 28 February 2026, at an average issue price of 0.02p per share.
Due to the current limitation in available share issuance authorities, the Company has issued 62,500,000 Ordinary Shares to Mr. Albagli pursuant to the Company's existing share authorities. As a result of the issue of these Ordinary Shares, Mr Albagi's total holding has increased to 68,223,393 Ordinary Shares, representing 0.27% of the Company's issued share capital.
The remaining 87,357,437 Ordinary Shares will be issued to Mr Albagli subject to the granting of additional share issuance authorities by shareholders at the Company's forthcoming Extraordinary General Meeting ("EGM"), being held on 18 March 2026.
Total voting rights
Application will be made to the London Stock Exchange for 62,500,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 13 March 2026. 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 25,031,828,493 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 25,031,828,493 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 | Joseph Albagli |
| 2 | Reason for the notification | |
| a) | Position/status | Director |
| 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 no par value ISIN: IL0011410359 |
| b) | Nature of the transaction | Shares element of annual remuneration |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| Allotment of shares | Average 0.25p | 62,500,000 |
| d) | Aggregated information | N/a - single transactions |
| e) | Date of the transaction | 9 March 2026, to be completed on 13 March 2026 |
| f) | Place of the transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.