SulNOx Group PLC Holding in Company, Option Agreements & Board (6394P)
10 Februar 2023 - 6:45PM
UK Regulatory
TIDMSNOX
RNS Number : 6394P
SulNOx Group PLC
10 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
10 February 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Option Agreements
Holdings in the Company
Board Change
(Aquis Stock Exchange: SNOX)
Option Agreements
The board of the directors of the Company (the "Board") has been
informed that several shareholders have entered into option
agreements (the "Option Agreements") in respect of the Company's
ordinary shares of 2 pence each ("Ordinary Shares"). The Option
Agreements have been entered into with a single counterparty,
RemNOx Ltd. ("RemNOx"), who it was announced on 8 February 2023 had
taken a stake of 6,060,000 Ordinary Shares, equating to 6.01% of
the Ordinary Shares. RemNOx is a distributor of the SulNOxEco fuel
conditioner products.
The Option Agreements give RemNOx the option to purchase a total
of 24,080,000 Ordinary Shares at a price of 30 pence per Ordinary
Share between 6 February 2023 and 28 February 2023 (unless extended
by mutual agreement). If fully exercised, this would result in
RemNOx owning approximately 29.89 per cent of the Company's issued
Ordinary Shares (including RemNOx's exiting holding). No premiums
were paid under the Option Agreements.
A number of the shareholders entering into the Option Agreements
have notifiable holdings under the Disclosure Guidance &
Transparency Rules and are Significant Shareholders under the AQSE
rules.
Significant Ordinary Shares % of Ordinary Ordinary % of Ordinary
Shareholder Held Shares Held Shares Under Shares Under
the Option the Option
Agreements Agreements
Stephen Bamford 8,564,200 8.49% 6,000,000 5.95%
---------------- -------------- -------------- --------------
James Redman
Jr. 7,459,200 7.40% 7,000,000 6.94%
---------------- -------------- -------------- --------------
Richard Leggatt 7,307,500 7.25% 7,000,000 6.94%
---------------- -------------- -------------- --------------
Gary Bostock 4,173,258 4.14% 1,600,000 1.59%
---------------- -------------- -------------- --------------
Holdings in the Company
The Company has also been informed that while Sungold Escrow
Nominees Ltd ("Sungold") holds 96% of the ordinary share capital of
RemNOx, Sungold has entered into a contract with Leslie Templeton,
Chairman of RemNOx, where she holds control of the voting rights of
those RemNOx shares, and thus indirectly, RemNOx's holding in
SulNOx (the "Contract"). The Contract is conditional on certain
payments and deliverables being made at certain times, with full
ownership of the current Sungold holding in RemNOx transferring to
Ms Templeton in tranches. In the event of default on the payment
obligations under the Contract, the voting rights in RemNOx on
those shares that have not transferred to Ms Templeton will revert
to Sungold. Sungold is controlled by Angela Bravo, who, as a result
of the transaction announced on 8 February 2023, transferring
Ordinary Shares to RemNOx, and the Contract, no longer has a
notifiable position in the Company.
Board Change
Steven Cowin, the Company's Chief Financial Officer has tendered
his notice and is currently scheduled to leave his position on 12
July 2023. Separately, he will be stepping down from the Board on
31 March 2023. The Company will commence the process of finding a
replacement and will provide updates as appropriate.
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, Director
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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