logo-loader
viewEthernity Networks Ltd

Replacement: Correction to AGM resolution

/**/ sup{font-size:80%} .g{size:595.3pt 841.9pt;margin:36.0pt 36.0pt 36.0pt 36.0pt;}div.g{}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";}span.r{font-size:10.0pt}p.d,li.d,div.d{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"Calibri","sans-serif";color:black;}p.t{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"Calibri","sans-serif";color:black;font-weight: bold; text-align: center}span.q{font-size:14.0pt}p.u{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"Calibri","sans-serif";color:black;text-align: center}span.o{font-size: 14.0pt}span.m{font-size: 9.0pt} span.l{font-size:11.0pt}p.v{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; text-align: justify}p.w{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify}p.x{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"Calibri","sans-serif";color:black;font-weight: bold}span.h{font-size:11.5pt} /**/
RNS Number : 4782I
Ethernity Networks Ltd
08 August 2019
 

The headline for the Ethernity Networks Ltd announcement released on 8 August 2019 at 15:28 under RNS No 4600l should read Correction to Resolution Number 2 for the Annual General Meeting to be held on 13 August 2019.

 

The announcement text is unchanged and is reproduced in full below.

 

 

Ethernity Networks Ltd

(Ethernity or the "Company")

Company registration number: 51-347834-7.

 

Correction to Resolution Number 2 for the Annual General Meeting to be held on 13 August 2019

 

Shareholders are advised that an error has come to the attention of the Board of Directors regarding the Compensation Policy of the Company proposed for approval in terms of Resolution number 2 of the upcoming Annual General Meeting of the Company to be held on 13 August 2019.

 

The Policy and summary as outlined in the Notice to the Meeting and posted on the Company Website contained an error under item D of the published Policy, "Equity Based Compensation".

 

The policy stated, "With respect to options, the exercise price shall not be less than 75% of the mid-market price of the Company's ordinary shares on the AIM on the last trading day prior to the date of grant". This was erroneously stated and the resolution should be read as though "75% of" is deleted.

 

The amended text should therefore read "With respect to options, the exercise price shall not be less than the mid-market price of the Company's ordinary shares on the AIM on the last trading day prior to the date of grant."

 

On 6 May 2019, the Company's Remuneration Committee approved the Compensation policy for recommendation to the Company's Board of Directors. The approved policy included Equity Issues via options to Office Bearers being at the Mid Market price ruling on the last business day before the grant was made. This recommendation was accepted by the Board in the Board meeting held on the 11th of June 2019. The Notice of the AGM, the related resolutions and the posted Policy on the Company website erroneously referred to the issue price of such options being at 75% of the Mid Market Price. This does not reflect the proposed Company policy as recommended by the Remuneration Committee.

 

Shareholders that have issued their votes and wish to amend their voting are advised that this may be done by no later than close of business on 9 August 2019 as per the original cut-offs. Votes already cast will remain valid and will be counted unless amended votes or voting directions are received.

 

Shareholders who have not as yet voted are requested to take this amendment into account. The Compensation Policy proposed for adoption at the AGM shall be amended to reflect this change on adoption by the AGM.

 

 

For further information, please contact:

 

Ethernity Networks Tel: +972 8 915 0392

David Levi, Chief Executive Officer

Mark Reichenberg, Chief Financial Officer

 

Arden Partners plc (NOMAD and Broker) Tel: +44 207 614 5900

Tom Price / Benjamin Cryer

 

Market Abuse Regulation

The information communicated in this Announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR"). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Mark Reichenberg, Chief Financial Officer.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
NOAPPMFTMBIMBLL

Quick facts: Ethernity Networks Ltd

Price: 42

Market: AIM
Market Cap: £13.67 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Westminster Group chosen as partner for Ghana port contract

Top stories from the Proactive Investors UK newsroom. Chariot Oil & Gas (LON:CHAR) says a  development study for its Anchois Field, offshore Morocco, has shown it to be technically feasible. Development options include a "subsea-to-shore" concept connecting to existing onshore...

on 18/6/19