Business
Replacement: Correction to AGM resolution
Replacement: Correction to AGM resolution.
About this update from Ethernity Networks Ltd.
[{"type":"text","content":"\n \nRNS Number : 4782I Ethernity Networks Ltd 08 August 2019 \n\nThe 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. \n \nThe announcement text is unchanged and is reproduced in full below.\n \n \nEthernity Networks Ltd\n(Ethernity or the \"Company\")\nCompany registration number: 51-347834-7.\n \nCorrection to Resolution Number 2 for the Annual General Meeting to be held on 13 August 2019\n \nShareholders 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.\n \nThe 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\".\n \nThe 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.\n \nThe 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.\"\n \nOn 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.\n \nShareholders that have issued their votes and w...