EXECUTIVE CHANGES: SulNOx shareholder wants chair and CEO out

Tue, 25th Apr 2023 14:53

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Tuesday and not separately reported by Alliance News:

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SulNOx Group PLC - London-based green technology - Receives letter from shareholder RemNOx Ltd demanding SulNOx call a general meeting to vote on resolutions to remove Chair Radu Florescu from the board and appoint three new directors. RemNOx also wants Chief Executive Officer Ben Richardson removed from the company. SulNox advises shareholders to take no action, saying: "The board do not believe that the proposed resolutions are in the interests of the company or its shareholders as a whole." RemNOx, a distributor of the SulNOxEco fuel conditioner products, has a 6.0% stake, having recently passed on exercising options to increase its stake to 30%. Richardson last month stepped down from the board but remained CEO.

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ADM Energy PLC - London-based natural resource investor with assets in Nigeria - Hires Stefan Olivier as chief executive officer. Olivier was co-founder of MX Oil PLC, which became ADM Energy. Also adds Claudio Coltellini to board as non-executive director. Coltellini is a director and shareholder of OFX Holdings LLC, formerly known as Tennessee Black Gold LLC, which holds a 14% stake in ADM. Olivier explained: "Having played a significant role in securing the initial support of Claudio and OFX for ADM, I am excited to be back and to have the support of a seasoned and strong partner whose interests are aligned with ADM to move forward exploring new opportunities and to continue working to optimise value from our interest in the Aje field," which is offshore Nigeria.

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Drumz PLC - Beaconsfield, England-based investor in software sector - Promotes Kerry Chambers to chief operating officer of Acuity Risk Management Ltd, the company's operating business, following its recent reverse takeover of Acuity. Chambers joined Acuity as commercial director in April 2021 and becomes COO immediately. Drumz plans to rename itself Acuity RM Group PLC.

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IOG PLC - UK-focused developer of offshore gas - Adds Les Wood to board as independent non-executive director, effective immediately. Wood was chief financial officer of FTSE 250-listed Tullow Oil PLC from 2017 to 2022, prior to which he worked at BP PLC for 28 years.

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By Tom Waite, Alliance News editor

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