Xeros Technology Group plc Results of Warrant Holder Meeting (6650X)

TIDMXSG

RNS Number : 6650X

Xeros Technology Group plc

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          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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December 21, 2023 08:38 ET (13:38 GMT)

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