Plexus Holdings announces £6.83 million share placing

PUBLISHED: 04 Dec 2013 @ 02:25 | Comments (0) |

Plexus Holdings (LSE:POS), the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, is pleased to announce that it has conducted a placing to raise, in aggregate, approximately £6.83 million before expenses by way of a placing of 2,787,624 ordinary shares of 1 penny each at a price of 245p per share.

This comprises 1,020,408 new ordinary shares of 1 penny each which are being issued by the Company and 1,067,216 new ordinary shares of 1 penny each which are being sold following the exercise of share options by certain optionholders of the Company as described further below (together ‘New Ordinary Shares’).

In addition, conditional on admission of the New Ordinary Shares to trading on AIM, an existing shareholder of the Company as detailed below has sold 700,000 ordinary shares of 1 penny each to meet demand from new and existing institutional investors.

The Company’s Nomad and Broker, Cenkos Securities plc conducted the Placing.

Plexus intends to use the net proceeds of the Placing of the New Ordinary Shares which are being issued by the Company to support the Company’s growth strategy, which continues to be focused on expanding both the international reach and the range of applications of its innovative POS-GRIP friction-grip oil and gas wellhead technology, known for its superior safety, time and cost saving attributes.

Ben van Bilderbeek, CEO of Plexus said, “I am delighted by the strong support received from both existing shareholders and new institutional investors for this £6.83 million placing. I believe this shows that the investment community recognises the substantial progress we have made to date as a leading oil and gas wellhead service company.

“Most importantly, it shows the significant growth potential, both organically and via future licencing and joint venture agreements, of our unique and proprietary POS-GRIP wellhead technology which I believe is capable of transforming the oil and gas wellhead services landscape across exploration, production and subsea drilling applications”.

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