Business
Proposed Share Capital Reorganisation
Proposed Share Capital Reorganisation.
About this update from Xeros Technology Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5859E\n Xeros Technology Group plc\n 09 November 2020\n \n \n \n \n 9 November 2020\n \n \n \n \n \n Xeros Technology Group plc\n \n \n \n \n \n Proposed Share Capital Reorganisation\n \n \n Xeros Technology Group plc (AIM: XSG, 'the Group', 'Xeros'), the developer and licensor of platform technologies which transform the sustainability and economics of clothing and fabrics during their lifetime,\n today announces a proposed share capital reorganisation (\"Capital Reorganisation\") of the existing ordinary share capital of the Company. \n \n \n The effect of the proposed Capital Reorganisation will be to reduce the number of issued ordinary shares of 0.15 pence each in the Company (\"Ordinary Shares\") by a multiple of 100 (the \"Consolidation\"), which is expected to increase the trading price of the resulting ordinary share proportionally.\n \n \n The Board considers the Capital Reorganisation to be in the best interests of the Company and its shareholders as a whole (\"Shareholders\"), as it believes that the Capital Reorganisation should improve the market liquidity of and trading activity in the Company's shares. The Directors believe that the existing share capital structure is no longer appropriate, as the high number of shares in issue combined with the relatively low price per share is thought to result in excess volatility and reduced liquidity in the Company's shares. By proceeding with the Capital Reorganisation, The Directors anticipate that the Capital Reorganisation should improve the liquidity and the marketability of the Company's shares with institutional investors in the UK and overseas. \n \n \n As it is proposed that all existing ordinary shares held in the Company be consolidated, the proportion of the issued ordinary share capital of the Company held by each Shareholder immediately before and after the Capital Reorganisation will remain relatively unchanged, other than for changes that may arise from the rounding for fractional entitlements.\n \n \n Implementation of the Capital Reorganisation requires the approval of Shareholders. This approval is being sought at a General Meeting of the Company (\"GM\"), which is scheduled to be held at 10:00 a.m. on 25 November 2020 at the offices of Squire Patton Boggs (UK) LLP at Premier Place, 2 &...