REG - Xeros Tech Grp plc - Directorate Change

Xeros TechnologyAnnouncement

12/12/2022 07:00

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RNS Number : 2862J  Xeros Technology Group plc  12 December 2022

 

 

This announcement contains inside information

 
 

12 December 2022

 

Xeros Technology Group plc

 

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

 

 Directorate Change

 

Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce
the impact of clothing on the planet, today announces that Paul Denney, Chief
Financial Officer and Company Secretary, will step down from the Board on 28
February 2023 to pursue new opportunities outside the Company.

 

A search process for his replacement will commence immediately and Paul is
committed to supporting an orderly handover.

 

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

 

1)   to allow Mr Denney to keep 1,055,182 unapproved options granted to him
in November 2022 under the terms of the Unapproved Scheme; and

2)   to waive all vesting criteria attaching to those options.

 

Discretion to do so is permitted under the terms of the Schemes. All other
options held by Mr Denney will lapse according to the terms of the schemes.

 

Neil Austin, Chief Executive Officer of Xeros said:

 

"Through his leadership of the finance function and as a Board member and
Company Secretary, Paul has played an important role in the evolution of the
business over the past six years and through challenging economic conditions.
On the eve of the Company's next chapter, he leaves us well placed to continue
the commercialisation of our portfolio of technologies.

 

"On behalf of everyone at Xeros I would like to thank Paul for his significant
contribution."

 

 

Enquiries:

 

 Xeros Technology Group plc                       Tel: 0114 321 6328

 Neil Austin, Chief Executive Officer

 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

 Yellow Jersey PR                                 Tel: 020 3004 9512

 Sarah Hollins/Lilian Filips/Annabelle Wills

 

 

Notes to Editors

 

POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE

 

Born out of textile research and advancing new standards of performance and
responsibility, Xeros' technologies revolutionise the way we make and clean
our clothes, conserving water and preventing waste. Designed to impact
industries and people on a global scale, Xeros transform the performance,
impact and economics of the fashion and washing machine industry.

 

Xeros enable the scaling of their innovations and impact by licencing their
intellectual property to partners across the globe. Their work has, to date,
created 38 patent families.

 

Xeros' technologies are already in use in major global industries, including
commercial and home laundry and garment manufacture. So far, these
technologies have saved millions of litres of water and could prevent billions
of microfibres from ending in our oceans.

TO THE POWER OF CHANGE

xerostech.com (http://www.xerostech.com)

 

 

 

 

 

 

 

 

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