REG - Xeros Tech Grp plc - Results of Warrant Holder Meeting

Xeros TechnologyAnnouncement

21/12/2023 13:45

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RNS Number : 6650X  Xeros Technology Group plc  21 December 2023

21 December 2023

 

 

Xeros Technology Group plc

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

 

 

Results 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 at today's meeting of
warrant holders, the resolution to approve the amendment to the terms of the
warrants as described in the Company's announcement of 4 December 2023 was
duly passed.

 

Given that warrants are held by:

 

 1)  current directors (or directors within the last 12 months), being Klaas de
     Boer, Neil Austin, Rachel Nooney and Paul Denney; and
 2)  certain substantial shareholders, within the meaning of the AIM Rules for
     Companies ("AIM Rules"), being Entrepreneurs Fund LP and Canaccord Genuity
     Wealth Management, holders of respectively 23.7 per cent. and 14.3 per cent of
     the Company's issued ordinary share capital

 

the amendments to the warrants are deemed to be a related party transaction
for the purposes of the Aim Rules.  The independent director for these
purposes, being David Armfield, having consulted with Cavendish (as the
Company's nominated adviser), considers that the terms of the amendments to
the warrants are fair and reasonable insofar as the Company's Shareholders are
concerned.

 

Warrant holders now have until 5.00 pm on 31 January 2024 to exercise any
warrants held by them.

 

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 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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