REG - Xeros Tech Grp plc - Appointment of Board Observer

Xeros TechnologyAnnouncement

03/05/2024 07:00

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RNS Number : 0792N  Xeros Technology Group plc  03 May 2024

3 May 2024

 

Xeros Technology Group plc

('Xeros", the "Company" or the "Group")

 

Appointment of Board Observer

 

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, confirms that under the terms of a Board
Observer Agreement dated 2 May 2024 (the "Observer Agreement") between the
Company and Amati Global Investors Limited ("Amati"), it has appointed Paul
Jourdan of Amati as a board observer at an annual fee of £20,000, payable to
Amati.

 

The entering into of the Observer Agreement by the Company with Amati is a
related party transaction for the purposes of the AIM Rules by virtue of Amati
being the appointed Fund Manager of Amati AIM VCT plc, which is  a
substantial shareholder of the Company, with a current holding of 12.8 per
cent. of Xeros' issued share capital.

 

The Company's directors consider, having consulted with the Company's
Nominated Adviser, Cavendish Capital Markets Limited, that the terms of the
Observer Agreement are fair and reasonable insofar as Xeros shareholders are
concerned.

 

Donald Brennikmeijer, who was appointed as a strategic advisor to the Board in
May 2020, has now ceased this role but remains with the Company on its
Advisory Board.

 

 

Enquiries

 

 Xeros Technology Group plc             Tel: 0114 269 9656

 Neil Austin, Chief Executive Officer

 Alex Tristram, Director of Finance

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)          Tel: 020 7220 0570

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Belvedere Communications               xeros@belvederepr.com (mailto:xeros@belvederepr.com)

 Cat Valentine                          Mob: 07715 769 078

 Keeley Clarke                          Mob: 07967 816 525

 

About Xeros

 

Xeros Technology plc has developed patented and proven, industry-leading
technologies which reduce the environmental impact of how industries make and
care for clothes.

 

The traditional wet processing methods used in industrial and domestic laundry
and garment manufacturing consume billions of litres of fresh water and large
amounts of energy and chemicals, as well as damaging and weakening clothing
fibres and creating rising levels of environmental pollution. It is estimated
that washing machines contribute 35% of the 171 trillion microplastic
particles in the ocean.

 

A range of actors, including consumers, the media NGOs and regulators are
exerting pressure on these industries, with legislative action beginning to be
taken.

 

Xeros' three main technologies, Filtration, Finish, and Care, facilitate
garment manufacturers, industrial laundries, domestic washing machine
manufacturers and consumers, to reduce their environmental impact, whilst also
significantly improving efficiency in the process.

 

Xeros' model is to generate revenue from licensing its technologies,
generating royalties and the sale of consumables. Currently there are 8
agreements in place. The addressable markets in Filtration, Finish and Care
are estimated to be valued at £350m p.a., £132m p.a. and £3bn p.a.
respectively.

 

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