Circular Posting & Warrant Holder Meeting Notice

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 Meeting	5:00 p.m. on 31 January 2024

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 Neil Austin, Chief Executive Officer Alex Tristram, Director of Finance	Tel: [phone]
Cavendish Capital Markets Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM	Tel: [phone]
Belvedere PR Cat Valentine Keeley Clarke	[e-mail] Mob: [phone] Mob: [phone]

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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