REG - Xeros Tech Grp plc - Board Change

Xeros TechnologyAnnouncement

18/03/2022 07:16

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RNS Number : 2093F  Xeros Technology Group plc  18 March 2022

18 March 2022

 

Xeros Technology Group plc

 

Board change

 

Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the licensor of
proprietary solutions improving the sustainability and economics of garments
and fabrics, announces today that Mark Nichols, CEO, has advised the Board
that he wishes to leave Xeros to transition to a portfolio career at the end
of 2022.

 

The Company is now at a point in time where it has successfully completed the
development of its two platform technologies, secured broad IP protection and
has entered into initial licensing agreements for both.  In Mark's view, the
Company would now benefit from new leadership to deliver on the next phase of
its growth journey.  Mark will remain with the business until 30 September
2022 to oversee the Group's ongoing commercialisation process and has
committed to a comprehensive and orderly handover to his successor, for whom a
search process is now underway.

As part of the above arrangements and in recognition of his contribution to
the business over his six and half years of service, his status as a "good
leaver" under the terms of the Company's EMI Share Option Scheme ("EMI
Scheme") and Unapproved Share Option Scheme ("Unapproved Scheme") (together,
the "Schemes") and to properly incentivise Mr Nichols during the transition
period, the Remuneration Committee has determined:

 

1)   to allow Mr Nichols to keep all outstanding options granted to him in
2020, 2021 and 2022 under the terms of the Schemes; and

2)   to waive all unsatisfied performance criteria attaching to those
options.

 

Discretion to do so is permitted under the terms of the Schemes.

 

The Remuneration Committee has further determined to allow the retained
options to remain capable of exercise for a further three and a half years
from his leaving date.  This discretion is available to the Company's
Remuneration Committee in respect of the EMI Scheme though is not so under the
terms of the Unapproved Scheme. Accordingly, the Board (excluding Mr Nichols)
is proposing to amend the terms of the option agreements granted to Mr Nichols
under the Unapproved Scheme to allow such discretion to be taken.  This
amendment is deemed to be a related party transaction for the purposes of the
AIM Rules.  The Board (excluding Mr Nichols) having consulted with finnCap
(as the Company's nominated adviser) consider that the terms of such proposed
amendment are fair and reasonable insofar as the Company's shareholders are
concerned.

 

Mr Nichols has agreed to cancel the options granted to him over a total of
18,901 ordinary shares of 15p each ("Ordinary Shares") in 2015, 2017 and 2018
which have an exercise price of £210 or £225 per share.

 

After allowing for the cancellation of the options granted in 2015, 2017 and
2018, Mr Nichols will hold options over a total of 415,246 Ordinary Shares
(EMI Scheme: 246,200; Unapproved Share Option scheme: 169,046).

 

Klaas de Boer, Chairman of Xeros, said:

 

"After six and a half years of leading the development of Xeros we accept
Mark's desire for a career change and fully appreciate his reasoning for it.
The Company is now poised at the commercialisation stage of its development
and Mark will leave the business very well positioned to grow significantly
over the next 3+ years in partnership with global brands and manufacturers.
They have the reach to deliver the benefits of our technologies to businesses
and consumers across the globe.  The Board has commenced the search for a new
leader with the relevant skills and experience to complete a comprehensive
commercialisation strategy for our exciting platform technologies."

 

This announcement contains inside information for the purposes of Market Abuse
Regulation (Regulation (EU) No. 596/2014) as retained and applicable in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018 ('MAR').

 

 

Enquiries:

 

 Xeros Technology Group plc                       Tel: 0114 321 6328

 Klaas de Boer, Chairman

 Paul Denney, Chief Financial Officer

 finnCap Limited (Nominated Adviser and Broker)   Tel: 020 7220 0570

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

Notes to Editors

 

With close to 40 patent families, Xeros' revolutionary platform technologies,
XTend™ and XFiltra™ set new standards for performance and sustainability
across our clothing's lifecycle. By reducing the consumption of valuable
natural resources and preventing microfibre and microplastic pollution,
Xeros greatly reduces the impact of our clothes on the planet.

Backed by science, we set new standards for significantly reduced water
consumption, lower carbon and effluent emissions, and improved garment
care/life at the manufacturing stage and throughout laundry processes, in
industry, and in the home. Xeros' technologies deliver a unique combination
of unbeatable sustainability outcomes, improving performance whilst reducing
costs.

The manufacture of clothes and their subsequent care consumes vast amounts of
our finite, valuable resources. Xeros licenses new technologies to enable us
all to consume less, helping to protect the world for our future.

For more information, please visit - http://www.xerostech.com/
(http://www.xerostech.com/)

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