SulNOx Group plc, the hydrocarbon fuel emulsification specialist, has announced that it has engaged Alexander David Securities as part of a team of professional advisers. This is to assist the Group with its intention to seek a listing on the NEX Exchange Growth Market. Ahead of this process, SulNOx is undertaking a private share placing.
SulNOx, www.sulnoxgroup.com, has developed a hydrocarbon fuels conditioning and emulsifying process that enables more efficient fuel combustion, leading potentially to reduced fuel usage and significantly lowered emissions. On 30th April 2019 the Group announced that it had signed a technology licence and agency agreement with Nouryon B.V., the former speciality chemicals division of AkzoNobel. Under these agreements, Nouryon B.V will manufacture and distribute the products under the “Berol” brand name whilst SulNOx will remain entirely responsible for sales and marketing.
Stephen Bamford, Chairman, SulNOx Group Plc commented:
“Following our important deal with Nouryon, we can advance our plan to go public in support of our commercial ambitions; details of which will be disclosed in a series of future announcements.
“Working with Alexander David Securities and our other advisers, we look forward to the flotation process and target our admission to trading on NEX before Summer.”
Enterprise Investment Scheme
The Directors are applying for SulNOx Group Plc being awarded eligibility for EIS relief. The benefits of EIS relief to investors, should the application be successful, would be as follows:
· Investors may claim up to 30% income tax relief
· Capital gains tax deferral of unlimited gains on the sale of any assets if an EIS investment is made within one year before or three years after the date of the gain
· No capital gains tax on the disposal of shares which have been held for three years in EIS qualifying companies
· 100% IHT exemption may be available after the EIS investment has been held for two years
· Loss relief providing total tax relief of up to 61.5% for a 45% tax payer
· Carry back relief claims may be made for amounts subscribing for shares in qualifying companies, such that an investment is treated for income tax relief purposes as having been made in the previous tax year, subject to maximum investment levels for that tax year.
About SulNOx Group Plc
SulNOx is based in London and has approximately 120 private shareholders including the three founders. It was established in 2011 to develop and trial a new type of fuel emulsifier technology. The technology is owned by SulNOx and is protected under a Patent application.