Business
Issue of Equity to Directors
Ethernity Networks Limited has issued 1,438,357,437 new ordinary shares, primarily to directors David Levi, Shavit Baruch, and Joseph Albagli, converting £54,000 of accrued salaries and fees into equity at £0.00004 per share. Additionally, 88,357,437 shares were issued to Mr. Albagli as part of his remuneration contract. This brings the total enlarged share capital to 26,470,185,930 ordinary shares, with admission to trading expected around March 26, 2026. The independent directors consider these transactions fair and reasonable for shareholders. Disclaimer*
About this update from Ethernity Networks Ltd.
23 March 2026 Ethernity Networks Limited ("Ethernity" or the "Company") Issue of Equity to Directors Ethernity Networks Limited (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing and PON semiconductor technology for networking appliances, announces the issue of new ordinary shares of no par value in the Company ("Ordinary Shares") to certain directors of the Company ("Directors"), further to the announcements made on 2 February 2026 and 10 March 2026. Conversion of accrued and unpaid salaries and fees to Directors into Ordinary Shares On 2 February 2026, the Company announced that alongside the placing to raise £367,500 (the "Placing"), it was proposed that certain Directors would up to £70,000 of convert accrued and unpaid salaries and Director fees into new Ordinary Shares at the issue price of the Placing, being £0.00004 (0.004p) (the "Director Fee Conversions"). The Director Fee Conversions were conditional on the approval of shareholders at the Extraordinary General Meeting that was held on 18 March 2026 ("EGM"). Following the passing of the resolutions at the EGM, the Company has on 22 March 2026 issued 1,350,000,000 new Ordinary Shares (the "Director Fee Conversion Shares") to certain Directors of the Company, in conversion of £54,000 of Director fees. The details of the issue of Director Fee Conversion Shares to each Director and their resultant holding of Ordinary Shares is set out below. Director Amount of unpaid net salary/fees to convert Number of Director Fee Conversion Shares Resultant holding of Ordinary Shares Percentage of enlarged share capital David Levi NIS 130,000/ £30,000 750,000,000 973,522,797 3.68% Shavit Baruch NIS 50,000/ £12,000 300,000,000 305,760,438 1.16% Joseph (Yosi) Albagli NIS 50,000/ £12,000 300,000,000 456,580,830* 1.72%* *Includes the new Ordinary Shares issued to Mr Albagli as further detailed below. The remaining conversion of up to £16,000 of unpaid net salary or fees, which would result in the issue of up to 400,000,000 new Ordinary Shares, will be determined and approved by the Board in a later stage, but not later than three months from the date of the EGM. Related party transaction The issue of the Director Fee Conversion Shares to certain Directors constitutes...
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