CIRCULAR POSTING & WARRANT HOLDER MEETING NOTICE-XEROS TECHNOLOGY GROUP PLC
Posting of Circular
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
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