SulNOx Group PLC Corporate Update & AGM Presentation (3775N)
22 Septembre 2023 - 11:00AM
UK Regulatory
TIDMSNOX
RNS Number : 3775N
SulNOx Group PLC
22 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
22 September 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Corporate Update
& AGM Presentation
(Aquis Stock Exchange: SNOX)
The Board of SulNOx is pleased to announce the publication of a
presentation on the SulNOx website explaining the strategy behind
the need to potentially attract new equity investment from existing
and new investors (the "Presentation"). The Presentation will also
be provided to shareholders at the Company's Annual General Meeting
to be held on 26 September 2023 (the "AGM") and should be read in
combination with the Company's Annual Report for 2023, published on
5 September 2023. The Presentation can be viewed at
https://sulnoxgroup.com/investors/ in the "Financial Reports &
Presentations" section, in which a copy of the Company's Annual
Report for 2023 can also be viewed.
The overall purpose of the strategic change outlined in the
Presentation is to achieve faster and sustainable revenue growth,
which in turn will require the Company to raise new capital. While
no decision has yet been made regarding the quantum, structure of
pricing of such a capital raise, it will be the intention of the
Board to utilise the flexibility of the share allotment authorities
included in the resolutions to be put to the AGM.
The key elements of the revised strategy include making key
industry hires for the Board and hiring internal salespeople to
source new, financially committed distributors and drive direct
sales where applicable. They will be supported by a Chief Operating
Officer and new technical hires to assist in the technical sale and
analysis, especially in Shipping & Marine where data sets can
be very large.
SulNOx will increase the stock level due to improved sales and
pipeline expectations, and also continue to invest in completing
our global patents and expand research & development to new
product offerings including engine dosing systems, fuel stability
studies, biofuels and aviation capabilities based on client demand.
Separately, SulNOx has completed a carbon footprint analysis and is
currently seeking methodology and standard approval to generate
carbon credits from SulNOx's emission reduction potential.
The Board has also been made aware that Mohanned Nawaz Haq,
whose appointment as a director of the Company is included in the
resolutions to be put to shareholders at the AGM, does not support
the Board's strategy. As such, the Board will no longer be
supporting its previous recommendation to appoint Mr Haq as a
Director of the Company at the AGM and recommends that shareholders
follow suit.
- 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
NEXUUVWROVUKURR
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