19 January
2021
LIMITLESS EARTH
PLC
("Limitless" or
the "Company")
Saxa Gres
Investment Update
Limitless Earth plc, an AIM quoted investing company, provides
an update on its investment 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.
Saxa Gres S.p.A is a circular economy company which specialises
in innovative porcelain gres ceramic stone tile production that
uses recycled urban waste ash in the ceramic mix. It has
successfully expanded its operations through acquisition of further
factories in order to satisfy the increasing demands for its
products and by attracting 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 is a product that meets the Minimum
Environmental Criteria (CAM), an important sustainability
credential for tenders and Green Public Procurement (GPP).
Approximately 90% of Saxa Gres’ production is sold and exported
outside of Italy.
LME, together with certain international asset managers, was
amongst the first investors and sponsors to participate in the
turnaround of Saxa Gres. Since 2015, in addition to implementing
its new circular economy model of waste-to-building-material, the
turnaround of Saxa Gres has saved hundreds of jobs.
To date, LME has made three investments in Saxa Gres and, as a
result, LME holds listed EUR 617,000
bond notes maturity 2023 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 €1EUR per share.
The Board of LME is pleased to note the recent entrance of A2A
S.p.A., a €4 billion listed company, as a Saxa Gres shareholder
(27.7%) and as a relevant industrial partner which could help to
expand and solidify Saxa Gres’ successful business model.
At the request of Saxa Gres in order for it to better access
bank financing to further its investment plans, the Board of LME,
together with 96% of the existing 2023 bond holders, has agreed to
exchange its 617 Saxa Grs bond notes with maturity in 2023 into a
similar amount of Saxa Gres notes of 7 per cent. with maturity in
2026.
LME is also working with Saxa Gres to obtain more detailed
information for a valuation of this investment in the near
future.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Limitless Earth plc
Guido Contesso |
+44 7780
700 091
www.limitlessearthplc.com |
Cairn
Financial Advisers LLP
Nominated Adviser
Jo Turner/Sandy Jamieson/Ludovico Lazzaretti |
+44 20
7213
0880
www.cairnfin.com |
Peterhouse Capital Limited
Broker
Peter Greensmith/Charles
Goodfellow
|
+44 20
7469 0930
www.pcorpfin.com |
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.