TIDMSNOX
RNS Number : 6911X
SulNOx Group PLC
22 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
22 December 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Subscription for New Shares
Holdings in the Company
Total Voting Rights
(Aquis Stock Exchange: SNOX)
Subscription for New Shares
The board of directors of the Company (the "Board") is pleased
to announce that a group of investors, consisting of both new and
existing shareholders (the "Investors"), have agreed to subscribe
for a total of 7,826,088 new ordinary shares of 2 pence each
("Ordinary Shares") at a price of 23.0 pence per Ordinary Share
(representing a discount of 11.5% to the average closing price of
the Ordinary Shares for the last 5 trading days of 26.0p) to raise
a total of GBP1,800,000, before expenses (the "Subscription"). It
is expected that the funds raised under the Subscription will be
utilised for general working capital purposes.
Under the Subscription, the Investors will also receive warrants
to subscribe for further Ordinary Shares at a price of 29 pence per
Ordinary Share at any date up to and including 31 December 2025
(the "Warrants"). The Investors will receive 1 Warrant for every 3
new Ordinary Shares subscribed. A total of 2,608.696 Warrants will
be issued.
Among the investors under the Subscription are two existing
substantial shareholders of the Company, Constantine Logothetis and
Nistadgruppen AS ("Nistad"). Mr Logothetis has subscribed for
2,608,696 new Ordinary Shares and Nistad for 1,304,348 new Ordinary
Shares. As Mr Logothetis and Nistad each have an existing interest
in more than 10% of the Company's Ordinary Shares, their
subscriptions constitute related party transactions under the AQSE
Growth Market Apex Rules. The Board has concluded, having exercised
reasonable care, skill and diligence, that their Subscriptions are
fair and reasonable as far as the shareholders of the Company are
concerned.
The new Ordinary Shares will be allotted under the Company's
existing unspent share issue authorities and are expected to be
admitted to trading on the AQSE Growth Market on 29 December 2023
("Admission").
Radu Florescu, Chairman of SulNOx, commented, "We are delighted
to receive significant further support from our two largest
shareholders, Mr Logothetis and Nistadgruppen AS, after both made
earlier investments in recent months. This investor group includes
new individual and institutional investors that bring additional
welcome diversity to our capital base and strengthens the company's
firepower. Most importantly, this new commitment of funds is
testament to the encouraging progress SulNOx is making in expanding
the global footprint of its key products to generate revenue,
including from blue chip customers. It is a very significant vote
of confidence in our strategy and materially aides SulNOx in
achieving its goals. Funds will be used to establish product stock
points in strategic locations worldwide to meet rising product
demand, hire additional key personnel, further R&D for biofuels
and general working capital. We look forward to reporting further
progress in due course."
Holdings in the Company
Following Admission, the percentage of Ordinary Shares held by
significant shareholders will be, to the best of the knowledge of
the Company, as follows:
Shareholder Current Ordinary % of Current Ordinary Shares % of Ordinary
Shares Held Ordinary Shares Held on Admission Shares Held on
Held Admission
Constantine Logothetis * 25,848,799 22.83% 28,457,495 23.51%
----------------- ----------------- ------------------- ----------------
Nistadgruppen AS 16,306,763 14.40% 17,611,111 14.55%
----------------- ----------------- ------------------- ----------------
Stephen Bamford 8,728,043 7.71% 8,728,043 7.21%
----------------- ----------------- ------------------- ----------------
James Redman Jr. 8,659,200 7.65% 8,659,200 7.15%
----------------- ----------------- ------------------- ----------------
Richard Leggatt 6,807,500 6.01% 6,807,500 5.62%
----------------- ----------------- ------------------- ----------------
Unicorn Asset Management 6,536,565 5.77% 6,536,565 5.40%
----------------- ----------------- ------------------- ----------------
Angela Bravo ** 5,719,010 5.05% 5,719,010 4.72%
----------------- ----------------- ------------------- ----------------
* This includes shares held by Tergeo Ltd, a company in which
Constantine Logothetis holds a majority interest.
** This includes shares owned by Sungold Escrow Nominees Ltd, a
company controlled by Ms Bravo, and by trusts for the benefit of Ms
Bravo's immediate family. Ms Bravo's previously reported holding
included voting rights for but not beneficial ownership of
2,298,810 Ordinary Shares. The current holding includes 3,420,200
with both voting rights and beneficial ownership of Ordinary Shares
and 2,298,810 with just voting rights.
Total Voting Rights
On Admission, the Company will have 121,050,474 Ordinary Shares
in issue, each with one voting right. The Company does not hold any
shares in treasury and therefore the total number of voting rights
in the Company is 121,050,474. This figure should be used by
shareholders from Admission as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07624 491 821
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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END
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