Re: Annual General Meeting; Letter to Shareholders
The Company announces that the following letter has been posted to shareholders:
Annual General Meeting 23rd
You will have received the Notice of AGM and Proxy card last week and we would like to draw your attention to three of the key resolutions which are important for the future stability of
Resolution 2 - Re-Appointment of Director
The Board recommends the re-appointment Ingeborg Majken Korsgård Petersen, who retires by rotation pursuant to the Articles of
Resolution 4 - Directors' Authority to Allot Shares
This is an ordinary resolution to grant the Directors with authority to allot and issue shares and grant rights to subscribe for shares in the Company for the purposes of Section 551 of the Act up to the maximum aggregate nominal amount of
Resolution 5 - Disapplication of Pre-emption Rights
Resolution 5 proposes to dis-apply the statutory rights of pre-emption in respect of the allotment of equity securities for cash under Section 561(1) of the Act. This is a special resolution authorising the Directors to issue equity securities as continuing authority up to an aggregate nominal amount of
The authority granted by this Resolution will expire at the conclusion of next annual general meeting of the Company.
All three resolutions are routine and required by all quoted companies.
Moreover, the loss of
Looking at Resolutions 4 and 5. Without the ability to issue shares, a company cannot maintain staff share incentive schemes, satisfy consultancy fees in shares and raise capital to satisfy ongoing working capital requirements. SulNOx is a pre-revenue company and as such, cannot operate without the flexibility to occasionally raise funds. To put this another way, without the authority to issue new shares, SulNOx's status as a Going Concern will be brought into question by the Board and its external advisers. Accordingly, we request that shareholders cast their vote positively in favour For Resolutions 4 and 5. By not doing so the Company may suffer as a listed business from working capital constraints.
As the world economies begin to show signs of recovery, the directors have carefully positioned SulNOx to take advantage of the strengthening environment amongst customers and investors. Now is not the time for shareholders to hold their company back.
Your vote counts and we urge you to exercise your authority and for those who have not yet voted or wish to amend their voting to reconsider and re-cast. We enclose a proxy card with this letter.
G V Lyon
AQSE Corporate Adviser:
020 3328 5656
The directors take responsibility for this announcement.
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