Xeros Technology Group plc Circular Posting & Warrant Holder Meeting Notice (4784V)
December 04 2023 - 1:00AM
UK Regulatory
TIDMXSG
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 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 Holder 5:00 p.m. on 31 January 2024
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
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
GBP350m p.a., GBP132m p.a. and GBP3bn p.a. respectively.
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END
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