SulNOx Group PLC - Directorate Change
RNS Number : 6272Z
SulNOx Group PLC
21 September 2020
 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

21 September 2020

SulNOx Group Plc (the "Company" or "SulNOx")

Directorate Change

(Aquis Stock Exchange: SNOX)

In response to the Requisition dated 4th September 2020 requesting a General Meeting of shareholders, and despite vigorous efforts, the Company has been unable to confer with the Requisitioners to establish the reason for their action and to secure a retraction of the requisition notice.

This Requisition has arisen at a time when the business is at a critical stage of its development with multiple complex negotiations and sales related work-streams ongoing and occurs only nine months after the IPO whilst the Company is still working in a globally unsettled environment. It is the view of the Directors that this Requisition is a very destabilising action and detrimental to the interests of all shareholders of the Company. 

Accordingly, in order to limit any potential damage to the business, preserve the Company's limited cash resources and to bring stability during this period when the annual accounts are shortly due, Nicholas Nelson has taken the personal decision to resign as a director of the Company with immediate effect. Nicholas Nelson will remain as Chief Executive of the Company and will no longer sit on the board.  The Requisitioners resolution to remove Nicholas Nelson as a Director of the company has therefore been fulfilled and the need for a General Meeting ceases.

Graham Lyon, Chairman, Commented:

"Nicholas has helped provide stability to SulNOx during the Coronavirus pandemic whilst maintaining and developing our key business relationships. He oversaw the fund raise in May which enabled us to continue implementing our business plan throughout the global lock-down.

We can find no reason why the two Requisitioners would choose to take this action which would potentially damage the Company."

*Terms used in this announcement are defined in the announcement dated 4th September 2020

Enquiries:

SulNOx Group Plc

Nicholas Nelson, Chief Executive

 

sulnox@flagstaffcomms.com

 

Media and Investors:

Flagstaff Strategic and Investor Communications

Tim Thompson / Fergus Mellon

 

sulnox@flagstaffcomms.com

020 7129 1474

 

AQSE Corporate Adviser:

Allenby Capital Limited

John Depasquale / Nick Harriss / James Hornigold

 

 020 3328 5656

 

The directors take responsibility for this announcement.

About SulNOx Group Plc

SulNOx, www.sulnoxgroup.com , has developed a hydrocarbon fuels conditioning and emulsifying process which enables more efficient fuel combustion, potentially leading to reduced fuel consumption and significantly lowered emissions.

 

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