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 €350,000 acquiring 350 SaxaBond notes each of which had a nominal value of EUR €1,000 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 €1.

Limitless has now increased its investment in Saxa Gres by acquiring a further 267 Notes for a value of EUR €267,000 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 €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 €1 per share.

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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.

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The options to subscribe for equity at an exercise price of EUR €1 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 €30 million.

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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.

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 “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 €1 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”

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For further information, please contact:

Pacific Global Holdings +44 7780 700 091

Edgar Hernandez www.pacificglobalholdingsplc.com

Cairn Financial Advisers PGH+44 20 7148 7900

Nominated Adviserwww.cairnfin.com

Jo Turner/Tony Rawlinson

Peterhouse Corporate Finance Limited+44 20 7469 0930

Brokerwww.pcorpfin.com

Peter Greensmith/Charles Goodfellow

 

About Pacific Global Holdings plc
Pacific Global Holdings plc is a proactive investing company that focuses on making investments in and assisting companies which exhibit the potential to generate returns through capital appreciation. As at 31 January 2015, had cash reserves of approximately £2.7 million. Pacific 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.

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Latest news about Saxa Gres (3 months and 6 months)

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