Business
Saxa Bond Restructuring and Partial Sale
Saxa Bond Restructuring and Partial Sale.
About this update from Pacific Global Holdings Plc
[{"type":"text","content":"\n \n 21 July 2022\n LIMITLESS EARTH PLC\n (\"Limitless\" or the \"Company\")\n Saxa Bond Restructuring and Partial Sale\n Limitless Earth plc, an AIM quoted investing company, provides an update on its investment holdings in Saxa Gres S.p.A. (\"Saxa Gres\"), a private Italian company focused on recycling industrial waste into the production of stoneware tiles and paving stones.\n The Company has been advised that, as a result of the significant increase in European gas prices which is a principal component of Saxa Gres’ production costs, on 23 June 2022, Saxa Gres proposed amendments to bondholders to restructure the coupon payments and maturity of its Saxa Bonds 7% 2016 (“Bonds”). The proposed amendments were based on a revised business plan prepared by Deloitte for the period 2022 to 2027 and which were passed with the support of the majority of the bondholders. Under the revised terms, Saxa Gres has extended the maturity of the Bonds from 2026 to 2027 and agreed that it will pay coupons conditional on certain revenue targets being met and linked to the sale of non-core assets.\n To date, Limitless has made three investments in Saxa Gres and holds listed EUR 592,000 bond notes maturity 2026 and a EUR 75,000 of 10 per cent. loan with an option to acquire approximately 2.38 per cent. of the equity share capital of Saxa Gres at an exercise price of 1 EUR per share.\n As a result of this restructuring, the Company has decided to reduce its holding in the Bonds and has sold 275 Bonds for a total consideration of EUR 165,000. Following the sale, the Company continues to hold Bonds with a face value of EUR 317,000. The proceeds of the sale will be used for general working capital purposes.\n This announcement contains inside information for the purposes of UK Market Abuse Regulation. The Directors of the Company take responsibility for this announcement.\n \n \n \n Limitless Earth plc \n Guido Contesso \n +44 7780 700 091 \n www.limitlessearthplc.com \n \n \n \n Cairn Financial Advisers LLP\n \n Nominated Adviser \n Jo Turner/Sandy Jamieson/Ludovico Lazzaretti\n +44 20 7213 0880 \n www.cairnfin.com\n \n \n \n Peterhouse Capital Limited\n \n Broker\n Peter Greensmith/Charles Goodfellow \n +44 20 7469 0930\n www.pcorpfin.com \n \n \n About Limitless Earth plc\n Limitless Earth...