Subscription for Shares to raise £2m
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
15 April 2026
Sulnox Group Plc
(the "Company" or "Sulnox")
Subscription for Shares
Holdings in the Company
Total Voting Rights
(Aquis Stock Exchange: SNOX, OTXQX: SNOXF)
Sulnox, the greentech company delivering lower fuel costs and emissions with zero capex, is pleased to announce that it has raised £2,000,000 (before expenses) through a subscription (the "Subscription") for new ordinary shares of 2 pence each ("Ordinary Shares") from investors led by a shipowner whose company has been using Sulnox Eco on multiple vessels for more than two years, as well as a substantial existing shareholder (the "Investors").
The Subscription follows strong trading performance during 2025 across the business and provides the Company with additional capital to support its growing pipeline of commercial opportunities - including engagement with 85 shipping companies globally.
The net proceeds of the Subscription will be used to:
- Expand global inventory and stock points;
- Continue to invest in R&D through Sulnox Innovations;
- Support continued commercial expansion across marine and land-based sectors; and
- Strengthen operational capability to deliver against a growing pipeline.
The Subscription comprises the issue of 4,444,442 new Ordinary Shares at a price of 45 pence per share, representing a discount of 4.26% to the average mid-market closing price for the five trading days from and including 2 April 2026 of 47 pence per share (the "Subscription Shares").
Each Investor will also receive one warrant for every two Subscription Shares, entitling them to purchase additional Ordinary Shares at 49.5 pence per share, representing a premium of 5.32% to the average price referenced to above, subject to new allotment authorities being granted at a future general meeting of the Company, with a term of 3 years from the date such new allotment authorities are approved by shareholders.
Related Party Transaction
Among the Investors is Nistadgruppen AS ("Nistad"), a substantial existing shareholder in the Company. Nistad has subscribed for 666,666 Subscription Shares. As Nistad holds more than 10% of the Company's issued Ordinary Shares, its participation in the Subscription constitutes a related party transaction under the Aquis Growth Market Apex Rules.
The Board of Directors of the Company, having exercised reasonable care and diligence, considers the terms of Nistad's participation in the Subscription to be fair and reasonable for shareholders.
Admission and Total Voting Rights
Application will be made for the Subscription Shares to be admitted to trading on the Aquis Growth Market on or around 24 April 2026 ("Admission"). The Subscription Shares will be allotted under the Company's existing unspent share issue authorities.
Following Admission, the Company will have 141,715,962 Ordinary Shares in issue, each carrying one vote. This figure may be used by shareholders as the denominator for the purposes of the FCA's Disclosure Guidance and Transparency Rules.
Shareholdings on Admission (to the best of the knowledge of the Company)
|
Shareholder |
Current Ordinary Shares Held |
% of Current Ordinary Shares Held |
|
|
|
|
|
Constantine Logothetis * |
37,726,548 |
26.62% |
|
Nistadgruppen AS |
19,484,663 |
13.75% |
|
James Redman Jr. |
8,659,200 |
6.11% |
|
Richard Leggatt |
6,807,500 |
4.80% |
|
EPS Ventures Pte Ltd |
6,547,534 |
4.62% |
|
Unicorn Asset Management |
6,264,779 |
4.42% |
|
Artemar Inc. |
5,476,888 |
3.86% |
|
Angela Bravo ** |
4,314,398 |
3.04% |
* This includes shares held by Tergeo Ltd, Arrowcove Ltd and Kambos SA in which Constantine Logothetis holds a majority interest.
** This includes shares owned by Sungold Escrow Nominees Ltd and Sungold Asset Management Ltd, companies controlled by Ms Bravo.
Radu Florescu, Chairman of Sulnox, said:
"We are very pleased to have again secured further support from new and existing investors, reflecting the progress the business continues to make.
Building on strong growth reported in recent trading updates, the Company is seeing expanding engagement across both marine and land-based markets - underpinning a growing pipeline of commercial opportunities.
With rising global fuel costs and tightening emissions regulation, the need for practical, immediately deployable efficiency solutions is becoming more pronounced. This funding enables us to invest further in our R&D capability, global inventory and team, ensuring we remain at the forefront of the fuel conditioner market as we scale to meet that demand."
- Ends -
For further information please contact:
|
Sulnox Group Plc Marketing and Communications
|
alex.judd@sulnoxgroup.com
|
|
|
|
|
Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / John Depasquale (Corporate Finance) Amrit Nahal (Equity Sales) |
Tel: 020 3328 5656 |
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