REG-Limitless Earth Plc: Saxa Gres Investment Update

Limitless EarthAnnouncement

19/01/2021 07:05

 19 January 2021

LIMITLESS EARTH PLC

("Limitless" or the "Company")

Saxa Gres Investment Update

Limitless Earth plc, an AIM quoted investing company, provides an update on
its investment 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.

Saxa Gres S.p.A is a circular economy company which specialises in innovative
porcelain gres ceramic stone tile production that uses recycled urban waste
ash in the ceramic mix. It has successfully expanded its operations through
acquisition of further factories in order to satisfy the increasing demands
for its products and by attracting 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 is a product that meets the
Minimum Environmental Criteria (CAM), an important sustainability credential
for tenders and Green Public Procurement (GPP). Approximately 90% of Saxa
Gres’ production is sold and exported outside of Italy.

LME, together with certain international asset managers, was amongst the first
investors and sponsors to participate in the turnaround of Saxa Gres. Since
2015, in addition to implementing its new circular economy model of
waste-to-building-material, the turnaround of Saxa Gres has saved hundreds of
jobs.

To date, LME has made three investments in Saxa Gres and, as a result, LME
holds listed EUR 617,000 bond notes maturity 2023 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 €1EUR per share.

The Board of LME is pleased to note the recent entrance of A2A S.p.A., a €4
billion listed company, as a Saxa Gres shareholder (27.7%) and as a relevant
industrial partner which could help to expand and solidify Saxa Gres’
successful business model.

At the request of Saxa Gres in order for it to better access bank financing to
further its investment plans, the Board of LME, together with 96% of the
existing 2023 bond holders, has agreed to exchange its 617 Saxa Grs bond notes
with maturity in 2023 into a similar amount of Saxa Gres notes of 7 per cent.
with maturity in 2026.

LME is also working with Saxa Gres to obtain more detailed information for a
valuation of this investment in the near future. 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

 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.



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