Issue of Equity
20/01/2025 07:00
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RNS Number : 8473T SulNOx Group PLC 20 January 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
20 January 2025
SulNOx Group Plc (the "Company" or "SulNOx")
Exercise of Share Options
Issue of Shares
(Aquis Stock Exchange: SNOX)
Exercise of Share Options
The board of directors of the Company (the "Board") announces that a former
director has exercised 350,000 options (the "Options") for ordinary shares of
2 pence each in the capital of the Company ("Ordinary Shares"), at an exercise
price of 36 pence per Ordinary Share (the "Option Shares"). The £126,000
received by the Company will be used for general working capital purposes.
Issue of Shares to Consultants
The Company has issued a total of 91,203 new Ordinary Shares in settlement of
invoices from consultants (the "Consultancy Shares"), made as follows:
· 72,911 Ordinary Shares at a price of 39.50 pence per Ordinary Share
in settlement of a liability of £28,800.00; and
· 18,292 Ordinary Shares at a price of 41.00 pence per Ordinary Share
in settlement of a liability of £7,500.00.
The prices of the above issues have been calculated on the average share price
for the period of time over which the services were delivered and the terms of
the consultants' contracts.
Admission and Total Voting Rights
An application will be made to admit the Option Shares and the Consultancy
Shares for trading on AQSE Growth Market, which is anticipated to occur on or
around 24 January 2025 ("Admission").
On Admission, the Company will have 127,025,073 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 127,025,073.
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.
Holding in the Company & Related Party Transaction
The issue of the 72,911 Consultancy Shares set out above is to Tergeo Limited,
in relation to the consultancy contract set out in the announcement of 27 June
2023. Tergeo Limited is a company in which Constantine Logothetis holds a
majority interest. Mr Logothetis has a total current interest (including
indirect holdings) in 32,771,264 Ordinary Shares, 25.89% of the current issued
Ordinary Shares. On Admission, assuming no other dealings since his last
disclosure, Mr Logothetis will have a total interest (including indirect
holdings) in 32,844,175 Ordinary Shares, 25.86% of the Ordinary Shares.
As Mr Logothetis has an interest in over 10% of the Ordinary Shares, the issue
of the new Ordinary Shares to Tergeo Limited constitutes a related party
transaction under the AQSE Growth Market (Apex Segment) Rules. The
consultancy agreement with Tergeo Limited is proving to be commercially
beneficial and the settlement of the liability through the issue of Ordinary
Shares will conserve the Company's cash resources. The directors of the
Company, having exercised reasonable care, skill and diligence, believe the
issue of new Ordinary Shares to Tergeo Limited to be fair and reasonable as
far as the shareholders of the Company are concerned.
- 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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