Limitless Earth Plc Further Investment Saxa Gres S.p.A

 
TIDMLME 
 
21 March 2017 
 
                              LIMITLESS EARTH PLC 
                        ("Limitless" or the "Company") 
 
                      Further Investment Saxa Gres S.p.A 
 
Limitless, an AIM quoted investing company, is pleased to announce that it has 
made a further investment in Saxa Gres S.p.A. ("Saxa Gres"), a private Italian 
company focused on waste recycling industrial waste into the production of 
porcelain stoneware tiles. 
 
In December 2015, Limitless invested EUR EUR350,000 acquiring 350 SaxaBond notes 
each of which had a nominal value of EUR EUR1,000 and a coupon of 10 per cent. 
("Notes") The Notes were accompanied by options to acquire 1.655% of the equity 
share capital of Saxa Gres, each option having an exercise price of EUR EUR1. 
 
Limitless has now increased its investment in Saxa Gres by acquiring a further 
267 Notes for a value of EUR EUR267,000 Eur. These Notes are also accompanied by 
options to acquire shares in Saxa Gres, in this case to acquire another 1.333% 
of its equity share capital with each option having an exercise price of EUR EUR 
1.  In total, Limitless now holds options to acquire approximately 2.5% of the 
equity share capital of Saxa Gres at an exercise price of EUR EUR1 per share. 
 
Investment Terms 
 
The Notes carry the same terms as the Company's initial investment with a 
coupon of 10 per cent. and a maturity period of two years. Terms of the 
repayment allow for repayment to occur from 6 months from the date of 
investment and quarterly thereafter. 
 
The options to subscribe for equity at an exercise price of EUR EUR1 per share. 
Exercise of the options accompanying the Notes is at the Company's discretion 
anytime until 15 December 2018, as specified in the terms and conditions of the 
options. At the time of the initial investment, the directors of Saxa Gres 
valued the business in excess of EUR30 million. 
 
Saxa Gres S.p.A. 
 
Saxa Gres has concluded the re-start up phase and is now manufacturing high 
quality tiles made of porcelain stoneware at full capacity, with a daily 
production of 5,600 sqm. of tiles. It is implementing its industrial plan in 
line with its internal forecast and the company is closer to start using 
incinerator ashes in the tile composition in line with the circular economy 
project of a Saxa Gres Eco District. To reduce the ecological footprint of 
its operations, in December 2016, Saxa Gres filed an application for the 
construction of an OFMSW bio-digester which will increase the use of energy 
from renewable resources while reducing production costs.  Because of the 
progress being made by Saxa Gres in developing its production process, 
Limitless has decided to increase its investment in Saxa Gres by acquiring the 
additional options to convert into equity share capital along with the Notes 
which provide a favourable coupon of 10 per cent. per annum. 
 
Guido Contesso, Director of Limitless, commented:  "Because we are satisfied 
that Saxa Gres is progressing in line with the initial business plan, we have 
decided to increase Limitless's investment in the secondary market by acquiring 
additional Notes and, as well as receiving the favorable 10 % coupon, we also 
received further options to convert in Saxa Gres shares at EUR EUR1 in a company 
that is now in full production and hiring status. The investment is in a 
company that in our opinion has great potential" 
 
For further information, please contact: 
 
Limitless Earth plc                  [phone] 
Guido Contesso                       www.limitlessearthplc.com 
 
Cairn Financial Advisers LLP         [phone] 
Nominated Adviser                    www.cairnfin.com 
Jo Turner/Tony Rawlinson 
 
Peterhouse Corporate Finance Limited [phone] 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

March 21, 2017 03:00 ET (07:00 GMT)