Today, RemNOx acquired the beneficial interest in 6,060,000 Ordinary shares in the equity of SulNOx Group Plc (“SulNOx”) which represents 6.001 % of the entire equity of SulNOx. And as required by UK regulations, the solicitors for RemNOx have immediately registered RemNOx’s new beneficial interest with both the Financial Conduct Authority and informed the Board of Directors of SulNOx.
Contemporaneously with the acquisition of the above equity, RemNOx has acquired irrevocable options to purchase a further 24,100,000 Ordinary shares of SulNOx, representing a further 23.899% of the equity of SulNOx. Such options are time sensitive and transferable.
In the event that RemNOx were to exercise their options, their beneficial interest in the equity of SulNOx would rise to 29.9%, but remain below the threshold that would trigger the regulatory requirement to make a general bid for the other 70.1% of SulNOx.
Notwithstanding its interest in the SulNOx equity, RemNOx retains its current agreement with SulNOx and remains an ‘arms length’, independent sales organisation (“ISO”). It should be noted that the ownership of equity in SulNOx in no way gives RemNOx any trading advantages or treatment not enjoyed by SulNOx’s other ISOs.