SulNOx Group PLC Company Update (0186E)
03 November 2020 - 8:00AM
UK Regulatory
TIDMSNOX
RNS Number : 0186E
SulNOx Group PLC
03 November 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The directors take
responsibility for this announcement.
3 November 2020
SulNOx Group Plc (the "Company" or "SulNOx")
Company Update
(Aquis Stock Exchange: SNOX)
The Company provides an update to its shareholders as
follows.
Trading Update
With the uncertainty surrounding the future management,
strategy, direction, financial position, and board structure of the
Company following:
1. the requisition of a general meeting to change the board of
directors, as announced on 16 October 2020 (the "GM"); and
2. the results of voting on various resolution at the Company's
annual general meeting (the "AGM"), as announced on 23 October
2020.
The current directors of the Company (the "Directors"), details
of whom can be found in the section below, have concluded that the
most prudent actions are, where possible:
1. to avoid entering into any new contracts;
2. to suspend or terminate any existing contracts;
3. to settle amounts owed under existing contracts; and
4. to seek professional advice as to their obligations under the
Companies Act 2006 (the "Act") and other appropriate UK
legislation.
Following the commencement of these actions, the Company and its
operating subsidiaries now have minimal cash balances and the
Directors have requested confirmation of future financial support
from the requisitioners of the GM, whose details are set out in the
announcement of 16 October 2020 (the "Requisitioners"). The
Directors believe that the Company will not be able to continue
trading without the agreement of the Requisitioners to introduce
more funds. The notice calling the GM is required to be sent out
this week in accordance with the requirements of the Act, however
due to the Company's current financial position, a request has been
made to the Requisitioners to advance the costs associated with the
GM, some of which have already been made.
Directors
As set out in the announcement of 23 October 2020, the board of
directors of the Company now consists of Nicholas Nelson and Simon
Retter. The employment contracts of both Mr Nelson (previously
Chief Executive Officer) and Mr Retter (previously Finance
Director) have been terminated, however they remain statutory
directors in accordance with the Act, which requires a public
limited company to have at least two directors. Mr Nelson also
remains as Company Secretary.
Suspension of Trading on AQSE Growth Market
Trading of the Company's ordinary shares of 2 pence each
("Ordinary Shares") will remain suspended from trading on the AQSE
Growth Market for the reasons set out in the announcement of 23
October 2020.
The Company will make a further update shortly.
Enquiries:
SulNOx Group Plc
Nicholas Nelson, Chief Executive sulnox@flagstaffcomms.com
Media and Investors :
Flagstaff Strategic and Investor sulnox@flagstaffcomms.com
Communications 020 7129 1474
Tim Thompson / Fergus Mellon
----------------------------
AQSE Corporate Adviser :
Allenby Capital Limited
John Depasquale / Nick Harriss
/ James Hornigold 020 3328 5656
----------------------------
The directors take responsibility for this announcement.
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END
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