SulNOx Group PLC Re: Annual General Meeting; Letter to Shareholders (5512B)
08 Oktober 2020 - 3:36PM
UK Regulatory
TIDMSNOX
RNS Number : 5512B
SulNOx Group PLC
08 October 2020
8(th) October 2020
SulNOx Group Plc (the "Company" or "SulNOx")
Re: Annual General Meeting; Letter to Shareholders
(Aquis Stock Exchange: SNOX)
The Company announces that the following letter has been posted
to shareholders:
Dear Shareholder
Annual General Meeting 23(rd) October 2020
You will have received the Notice of AGM and Proxy card last
week and we would like to draw your attention to three of the key
resolutions which are important for the future stability of SulNOx
Group Plc:
Resolution 2 - Re-Appointment of Director
The Board recommends the re-appointment Ingeborg Majken Korsgård
Petersen, who retires by rotation pursuant to the Articles of
Association of the Company. Ingeborg Majken Korsgård Petersen,
being eligible, offers herself for appointment
Resolution 4 - Directors' Authority to Allot Shares
This is an ordinary resolution to grant the Directors with
authority to allot and issue shares and grant rights to subscribe
for shares in the Company for the purposes of Section 551 of the
Act up to the maximum aggregate nominal amount of GBP341,531
(representing, approximately 20 per cent. of the Issued Share
Capital). This resolution replaces any existing authorities to
issue shares in the Company and the authority under this resolution
will expire at the conclusion of the next annual general meeting of
the Company.
Resolution 5 - Disapplication of Pre-emption Rights
Resolution 5 proposes to dis-apply the statutory rights of
pre-emption in respect of the allotment of equity securities for
cash under Section 561(1) of the Act. This is a special resolution
authorising the Directors to issue equity securities as continuing
authority up to an aggregate nominal amount of GBP341,531 for cash
on a non pre-emptive basis pursuant to the authority conferred by
Resolution 4 above. This authority represents approximately 20 per
cent. of the current Issued Share Capital.
The authority granted by this Resolution will expire at the
conclusion of next annual general meeting of the Company.
All three resolutions are routine and required by all quoted
companies.
Ms Majken Korsgaard was appointed to the board in November 2018
and nominated as our Independent Director for the purposes of the
AQSE Stock Exchange rules for companies. An AQSE listed company is
required to have a Senior Independent Director in place.
Moreover, the loss of Ms Korsgaard from the board lends
additional instability to SulNOx particularly follow the recently
requisitioned General Meeting which resulted in the departure of
Nicholas Nelson from the Board. We urge that shareholders cast
their vote For Resolution 2.
Looking at Resolutions 4 and 5. Without the ability to issue
shares, a company cannot maintain staff share incentive schemes,
satisfy consultancy fees in shares and raise capital to satisfy
ongoing working capital requirements. SulNOx is a pre-revenue
company and as such, cannot operate without the flexibility to
occasionally raise funds. To put this another way, without the
authority to issue new shares, SulNOx's status as a Going Concern
will be brought into question by the Board and its external
advisers. Accordingly, we request that shareholders cast their vote
positively in favour For Resolutions 4 and 5. By not doing so the
Company may suffer as a listed business from working capital
constraints.
As the world economies begin to show signs of recovery, the
directors have carefully positioned SulNOx to take advantage of the
strengthening environment amongst customers and investors. Now is
not the time for shareholders to hold their company back.
Your vote counts and we urge you to exercise your authority and
for those who have not yet voted or wish to amend their voting to
reconsider and re-cast. We enclose a proxy card with this
letter.
Yours Sincerely,
G V Lyon
Chairman
Enquiries:
SulNOx Group Plc
Nicholas Nelson, Chief Executive nicholas.nelson@sulnoxgroup.com
AQSE Corporate Adviser :
Allenby Capital Limited
John Depasquale / Nick Harriss /
James Hornigold 020 3328 5656
----------------------------------
The directors take responsibility for this announcement.
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXBXBDGSXGDGGI
(END) Dow Jones Newswires
October 08, 2020 09:36 ET (13:36 GMT)
Sulnox (AQSE:SNOX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Sulnox (AQSE:SNOX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024