Limitless Earth Plc Saxa Bond Restructuring and Partial Sale

 
TIDMLME 
 
21 July 2022 
 
                              LIMITLESS EARTH PLC 
 
                        ("Limitless" or the "Company") 
 
                   Saxa Bond Restructuring and Partial Sale 
 
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. 
 
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. 
 
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. 
 
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. 
 
This announcement contains inside information for the purposes of UK Market 
Abuse Regulation. The Directors of the Company take responsibility for this 
announcement. 
 
Limitless Earth plc                                   +44 7780 700 091 
Guido Contesso                                        www.limitlessearthplc.com 
 
Cairn Financial Advisers LLP                          +44 20 7213 0880 
Nominated Adviser                                     www.cairnfin.com 
Jo Turner/Sandy Jamieson/Ludovico Lazzaretti 
 
Peterhouse Capital Limited                            +44 20 7469 0930 
Broker                                                www.pcorpfin.com 
Peter Greensmith/Charles 
Goodfellow 
 
 
About Limitless Earth plc 
 
Limitless Earth plc is a proactive investment company that focuses on making 
investments in and assisting companies which exhibit the potential to generate 
returns through capital appreciation.  Limitless invests in small companies 
where there are clear catalysts for value appreciation and the companies are 
operating in sectors exhibiting long-term growth linked to demographic change. 
Examples of such sectors include cleantech, life sciences, nanotech, Medtech, 
recycling, and new Internet opportunities. 
 
About Saxa Gres S.p.A 
 
Saxa Gres S.p.A is a circular economy company which specialises in innovative 
porcelain gres ceramic stone tile production process that uses recycled urban 
waste ashes in the ceramic mix. It has been successful in expanding its 
operations by way of acquiring further factories in order to satisfy the 
increasing demands for its products and to attract interest from strategic and 
financial investors. 
 
The main product is called Grestone, a patented product that is composed of up 
to 30% of waste from urban waste incinerators. Such ability to recycle waste 
ashes makes Saxa Gres business highly rated from a circular economy and ESG 
criteria point of view. Furthermore, Grestone meets the criteria for CAM, 
Minimum Environmental Criteria in tenders and Green Public Procurement.  Saxa 
Gres's product is now sold mainly outside Italy. 
 
Limitless was amongst the first investors, together with certain international 
asset managers, to invest in Saxa Gres and participate in its turnaround as it 
implemented a new circular economy model of waste-to-building-material and, in 
the process,  saved hundreds of jobs. 
 
 
 
END

(END) Dow Jones Newswires

July 21, 2022 02:00 ET (06:00 GMT)

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