Last checked at 21 Dec 2023 13:38
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 Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance
| Tel: 0114 269 9656 |
Cavendish Capital Markets Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM
| Tel: 020 7220 0570 |
Belvedere PR Cat Valentine Keeley Clarke | xeros@belvederepr.com Mob: 07715 769 078 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.