REG-Limitless Earth Plc: Saxa Bond Restructuring and Partial Sale

Limitless EarthAnnouncement

21/07/2022 07:15

21 July 2022

LIMITLESS EARTH PLC

("Limitless" or the "Company")

Saxa Bond Restructuring and Partial Sale

Limitless Earth plc, an AIM quoted investing company, provides an update on
its investment holdings in Saxa Gres S.p.A. ("Saxa Gres"), a private Italian
company focused on recycling industrial waste into the production of stoneware
tiles and paving stones.

The Company has been advised that, as a result of the significant increase in
European gas prices which is a principal component of Saxa Gres’ production
costs, on 23 June 2022, Saxa Gres proposed amendments to bondholders to
restructure the coupon payments and maturity of its Saxa Bonds 7% 2016
(“Bonds”). The proposed amendments were based on a revised business plan
prepared by Deloitte for the period 2022 to 2027 and which were passed with
the support of the majority of the bondholders. Under the revised terms, Saxa
Gres has extended the maturity of the Bonds from 2026 to 2027 and agreed that
it will pay coupons conditional on certain revenue targets being met and
linked to the sale of non-core assets.

To date, Limitless has made three investments in Saxa Gres and holds listed
EUR 592,000 bond notes maturity 2026 and a EUR 75,000 of 10 per cent. loan
with an option to acquire approximately 2.38 per cent. of the equity share
capital of Saxa Gres at an exercise price of 1 EUR per share.

As a result of this restructuring, the Company has decided to reduce its
holding in the Bonds and has sold 275 Bonds for a total consideration of EUR
165,000.  Following the sale, the Company continues to hold Bonds with a face
value of EUR 317,000.  The proceeds of the sale will be used for general
working capital purposes.

This announcement contains inside information for the purposes of UK Market
Abuse Regulation. The Directors of the Company take responsibility for this
announcement.

 Limitless Earth plc  Guido Contesso                                                          +44 7780 700 091 www.limitlessearthplc.com  
 Cairn Financial Advisers LLP Nominated Adviser Jo Turner/Sandy Jamieson/Ludovico Lazzaretti  +44 20 7213 0880 www.cairnfin.com           
 Peterhouse Capital Limited Broker Peter Greensmith/Charles Goodfellow                        +44 20 7469 0930 www.pcorpfin.com           

About Limitless Earth plc

Limitless Earth plc is a proactive investment company that focuses on making
investments in and assisting companies which exhibit the potential to generate
returns through capital appreciation.  Limitless invests in small companies
where there are clear catalysts for value appreciation and the companies are
operating in sectors exhibiting long-term growth linked to demographic
change.  Examples of such sectors include cleantech, life sciences, nanotech,
Medtech, recycling, and new Internet opportunities.

About Saxa Gres S.p.A

Saxa Gres S.p.A is a circular economy company which specialises in innovative
porcelain gres ceramic stone tile production process that uses recycled urban
waste ashes in the ceramic mix. It has been successful in expanding its
operations by way of acquiring further factories in order to satisfy the
increasing demands for its products and to attract interest from strategic and
financial investors.

The main product is called Grestone, a patented product that is composed of up
to 30% of waste from urban waste incinerators. Such ability to recycle waste
ashes makes Saxa Gres business highly rated from a circular economy and ESG
criteria point of view. Furthermore, Grestone meets the criteria for CAM,
Minimum Environmental Criteria in tenders and Green Public Procurement.  Saxa
Gres’s product is now sold mainly outside Italy.

Limitless was amongst the first investors, together with certain international
asset managers, to invest in Saxa Gres and participate in its turnaround as it
implemented a new circular economy model of waste-to-building-material and, in
the process,  saved hundreds of jobs.



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