Business
Circular Posting & Warrant Holder Meeting Notice
Circular Posting & Warrant Holder Meeting Notice.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n\n4 December 2023\n \nXeros Technology Group plc\n('Xeros\", the \"Company\" or the \"Group\")\n \nPosting of Circular\nand\nNotice of Warrant Holder Meeting\n \nXeros 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.\n \nThe 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.\n \nBackground to the proposed warrant amendment\n \nThere 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.\n \nFollowing 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.\n \nTimetable of events\n \n\n\n\n\nEvent\n\n\nDate and time\n\n\n\n\nPosting of this document and Form of Proxy\n\n\n4 December 2023\n\n\n\n\nLatest time and date for receipt of Form of Proxy\n\n\n11.00 a.m. on 19 December 2023\n\n\n\n\nVoting record date for the Warrant Holder Meeting\n\n\n6.00 p.m. on 19 December 2023\n\n\n\n\nWarrant Holder Meeting\n\n\n11.00 a.m. on 21 December 2023\n\n\n\n\nAnnouncement of the result of the Warrant Holder Meeting\n\n\n21 December 2023\n\n\n\n\nExpected final exercise date of Warrants if Resolution is passed at Warrant Holder Meeting\n\n\n5:00 p.m. on 31 January 2024\n\n\n\n\n1. All references to times in the above timetable are to London times.\n2. Ea...