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Sondrel Holdings PLC on Monday said it received approval for Rox Equity Partners Ltd to own almost a third of the company, with Rox’s executive director set to join Sondrel’s board. The Reading, England-based semiconductor design services firm said UK Secretary of State Oliver Dowden provided the approval as required under the National Security & Investment Act of 2021. Rox is allowed to subscribe for 56.3 million new shares in Sondrel at 10 pence each, raising £5.6 million for Sondrel. Rox is a London-based private equity investment holding company specialised in taking material interests in emerging and established companies. Sondrel shares jumped 15% to 7.14 pence each on Monday morning in London. Following the sales of the new shares, Sondrel will have 172.5 million shares in issue, giving Rox a stake of just below 33%. On its website, Sondrel states its largest shareholder as being company founder Graham Curren, who has a near 45% stake. Curren was chief executive officer of Sondrel until April. With the admission of shares, Rox Executive Director Miles Woodhouse is set to join Sondrel’s board. Sondrel confirmed Chair Nigel Vaughan will step down as director with the admission of the shares, expected to occur on Thursday. It intends to soon announce the appointment of its current interim CEO, David Mitchard, as chair, with John Chubb set to become CEO. Incoming CEO Chubb as of May is serving as senior responsible officer for Core Delivery at Defence Equipment & Support within the UK Ministry of Defence. Chubb is set to join Sondrel on July 18 and will become CEO after a handover period. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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