Appointment of Board Observer
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Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, confirms that under the terms of a Board Observer Agreement dated 2 May 2024 (the "Observer Agreement") between the Company and Amati Global Investors Limited ("Amati"), it has appointed Paul Jourdan of Amati as a board observer at an annual fee of £20,000, payable to Amati.
The entering into of the Observer Agreement by the Company with Amati is a related party transaction for the purposes of the AIM Rules by virtue of Amati being the appointed Fund Manager of Amati AIM VCT plc, which is a substantial shareholder of the Company, with a current holding of 12.8 per cent. of Xeros' issued share capital.
The Company's directors consider, having consulted with the Company's Nominated Adviser, Cavendish Capital Markets Limited, that the terms of the Observer Agreement are fair and reasonable insofar as Xeros shareholders are concerned.
Donald Brennikmeijer, who was appointed as a strategic advisor to the Board in May 2020, has now ceased this role but remains with the Company on its Advisory Board.
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