SulNOx Group PLC Withdrawal of Requisition for General Meeting (8366Y)
09 Mai 2023 - 4:30PM
UK Regulatory
TIDMSNOX
RNS Number : 8366Y
SulNOx Group PLC
09 May 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
9 May 2023
SulNOx Group Plc (the "Company", the "Group" or "SulNOx")
Withdrawal of Requisition for General Meeting
(Aquis Stock Exchange: SNOX)
The board of the directors of the Company (the "Board") is
pleased to announce that the Requisition received on the 24 April
2023, calling for a general meeting of the Company, has been
withdrawn following full agreement between the parties on positive
proposals to reassign expertise within the Company and its
subsidiaries, revise corporate governance and to focus towards cash
generation, all without additional overhead costs.
The Board has agreed to commence a corporate restructuring that
is intended to provide greater focus of efforts within the Company
and its subsidiaries without increasing overheads from the
currently already reduced levels. This restructuring will be
completed prior to the publication of the annual report and
accounts for the year to 31 March 2023 and shareholders will be
able to discuss with the Board and members of the senior management
at this year's annual general meeting.
Under this restructuring, all operational activities will be
undertaken within the Company's two subsidiaries:
-- SulNOx Fuel Fusions Ltd ("SFF"); and
-- SulNOx Research & Development Ltd, shortly to be renamed
SulNOx Trading and Development Ltd ("ST+D").
SulNOx (together with SFF and ST+D, the "Group") will act as the
holding company for the Group, wholly owning both operational
subsidiaries, as well as all intellectual property (both current
and future). Both subsidiaries will be led by existing team
members: SFF by Jimmy Redman and Nawaz Haq, and ST+D by Ben
Richardson.
The Board and the board committees will be adjusted in coming
weeks as part of this restructuring, both to reflect the revised
corporate structure and changes already announced during 2023.
These changes will include the appointment of a new Chief Financial
Officer ahead of Steven Cowin's departure in July 2023. Any
appointments will be subject to the normal requirements under the
AQSE Rules and will be announced at the appropriate time.
Both SFF and ST+D will operate with budgets and strategic plans
set for them by the Board but will have operational freedom in
order to maximise both revenues and profitability. SFF will be
focussed on developing business among the Group's longer-standing
distributors and markets, while ST+D will focus on further
developing opportunities within emerging sectors and markets, such
as shipping.
The Board believes the above strategies, fully supported by
significant shareholders, will greatly enhance positive fiscal and
operational functions of the Company's subsidiaries, encouraging
and supporting inter-subsidiary team cohesion, collaboration and
deliverables.
- Ends -
For further information please contact:
SulNOx Group plc steven.cowin@sulnoxgroup.com
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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END
MSCUKUSROSUVRAR
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May 09, 2023 10:30 ET (14:30 GMT)
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