REG - Xeros Tech Grp plc - Circular Posting & Warrant Holder Meeting Notice

Xeros TechnologyAnnouncement

04/12/2023 07:00

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RNS Number : 4784V  Xeros Technology Group plc  04 December 2023

4 December 2023

 

Xeros Technology Group plc

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

 

Posting of Circular

and

Notice of Warrant Holder Meeting

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, confirms that further to the
announcement on 29 November 2023, the Company has today posted a circular,
notice of warrant holder meeting and form of proxy to warrant holders.

 

The circular and notice of warrant holder meeting are also now available on
the Company's website at www.xerostech.com (http://www.xerostech.com) pursuant
to AIM Rule 26. The warrant holder meeting will be held at 11.00 a.m. on 21
December 2023 at the offices of Squire Patton Boggs (UK) LLP at 60 London
Wall, London, EC2M 5TQ.

 

Background to the proposed warrant amendment

 

There are currently in issue 126,992,846warrants to subscribe for ordinary
shares at 5 pence per share ("Warrants"), which were issued in October 2022 as
part of the fundraise undertaken by the Company at that time.

 

Following requests from certain Warrant holders, the Board is proposing to
amend the terms of the Warrants with the opportunity to exercise the Warrants
and subscribe for Ordinary Shares at a reduced exercise price of 2.85 pence
per share (the "New Exercise Price"), with a view to bringing additional
capital into the business in the near-term in a cost-effective manner. The New
Exercise Price has been calculated on the basis of a discount of approximately
25 per cent to the Company's twelve month volume weighted average share price.

 

Timetable of events

 

 Event                                                                        Date and time
 Posting of this document and Form of Proxy                                   4 December 2023
 Latest time and date for receipt of Form of Proxy                            11.00 a.m. on 19 December 2023
 Voting record date for the Warrant Holder Meeting                            6.00 p.m. on 19 December 2023
 Warrant Holder Meeting                                                       11.00 a.m. on 21 December 2023
 Announcement of the result of the Warrant Holder Meeting                     21 December 2023
 Expected final exercise date of Warrants if Resolution is passed at Warrant  5:00 p.m. on 31 January 2024
 Holder Meeting

1.     All references to times in the above timetable are to London times.

2.     Each of the times and dates in the above timetable is subject to
change without further notice. If any of the above times and/or dates change,
the revised time(s) and/or date(s) will be notified to Warrant Holders by an
announcement through a Regulatory Information Service provider.

 

 

Enquiries

 

 Xeros Technology Group plc                     Tel: 0114 269 9656

 Neil Austin, Chief Executive Officer

 Alex Tristram, Director of Finance

 Cavendish Capital Markets Limited              Tel: 020 7220 0570

 (Nominated Adviser and Broker)

 Julian Blunt/Teddy Whiley, Corporate Finance

 Andrew Burdis/Sunila de Silva, ECM

 Belvedere PR                                   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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