(Sharecast News) - Data processing and networking semiconductor technology specialist Ethernity Networks announced the continuation of Joseph 'Yosi' Albagli's tenure as its non-executive chairman on Friday, following the conclusion of his initial three-year term.
The AIM-traded company said Albagli's re-appointment for an interim period had been confirmed until his compensation and re-appointment for an additional three-year term were reviewed and approved by the remuneration committee.
It said the decision was expected to take place after the appointment of two external directors to the board, as it announced on 1 March.
The firm said it intended to seek shareholder approval for Albagli's compensation package and validate his re-appointment to the board at an upcoming general meeting.
Under the terms of his existing contract, Albagli receives a portion of his annual remuneration as non-executive chairman in the form of new shares.
As a result, Ethernity said it had issued 921,152 new shares to Albagli, satisfying the share component of his remuneration for the period from 1 March 2023, to 29 February 2024, at an average issue price of 2.5p each.
Following the issue, Albagli would have an interest in 1,177,939 shares, representing 0.31% of the company's enlarged issued share capital.
At 0941 GMT, shares in Ethernity Networks were down 3.75% at 0.82p.
Reporting by Josh White for Sharecast.com.
Ethernity Net (ENET)