LME Limitless Earth Plc

 
TIDMLME 
 
16 November 2017 
 
                              LIMITLESS EARTH PLC 
 
                        ("Limitless" or the "Company") 
 
                      Further Investment Saxa Gres S.p.A 
 
Limitless Earth plc ("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, of approximately EUR EUR 
75,000.  Saxa Gres is raising funds, via an increase in its share capital, in 
order to invest in a new production line it requires to meet a significant 
increase in orders. Limitless is participating alongside two sizable credit 
funds in order to maintain its interest in Saxa Gres. 
 
Limitless had previously made two investments in Saxa Gres in December 2015 and 
March 2017 by way of secured, 10 per cent. loan notes ("Notes") with 
accompanying options. Following these investments, Limitless holds options to 
acquire approximately 2.5 per cent. of the equity share capital of Saxa Gres at 
an exercise price of EUR EUR1 per share. 
 
Saxa Gres has raised EUR EUR3,000,000 in this fundraising round and Limitless has 
subscribed for EUR EUR75,000, in line with its stake in Saxa Gres of 2.5 per 
cent. The funds raised by Saxa Gres will be used to meet capital expenditure 
requirements for a new production line which is considered necessary to fulfil 
orders received by Saxa Gres at the CERSAIE Fair in Bologna at which it was 
exhibiting its new products for 2018. 
 
The board of Saxa Gres advises that, in its opinion, it is gradually 
establishing itself as a leader in the outdoor ceramic tile market in Europe in 
light of the innovative composition of its tiles which allows it to tender for 
public authority work under the European Unions' Green Public Procurement 
programme. 
 
Investment Terms 
 
Limitless will invest on the same terms as the credit funds. The investment 
will be made by way of a loan to Manufacturing Renaissance Italian Solutions 
plc ("MARIS plc") holder of 61.5 per cent. of Saxa Gres shares, including 
Limitless's existing options of 2.5 per cent., and will be secured by the 
shares of MARIS plc ("the Facility"). Under the terms of the Facility, 
investors will receive interest of 11 per cent. rising to 20 per cent. over the 
term of the loan and tag-along rights in the event that sale by MARIS plc of 
its stake. Further, Limitless has agreed to extend its holding of the Notes 
until December 2018 which will continue to pay a coupon of 10 per cent. 
 
Saxa Gres S.p.A. 
 
Saxa Gres has concluded the re-start phase and is now manufacturing high 
quality porcelain stoneware tiles 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 close to starting to use incinerator ashes 
in the tile composition in line with the it circular economy project. To reduce 
the ecological footprint of its operations, in December 2016, Saxa Gres filed 
an application for the construction of an OFMSW bio-digester to generate its 
own renewable energy resources and reduce production costs. 
 
At the time of Limitless's initial investment, the directors of Saxa Gres 
valued the business in excess of EUR30 million. 
 
Mr Guido Contesso, Director of Limitless, commented: "we are pleased that Saxa 
Gres is progressing in line with its initial business plan and therefore we 
have decided to participate to the capital increase alongside other large 
institutional investors and Italian family offices." 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. 
 
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/Tony Rawlinson 
 
Peterhouse Corporate Finance 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. 
 
 
 
END 
 

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November 16, 2017 02:01 ET (07:01 GMT)

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