Director/PDMR Shareholdings (4079M)
16 August 2011 - 4:00PM
UK Regulatory
TIDMPOS
RNS Number : 4079M
Plexus Holdings Plc
16 August 2011
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
16 August 2011
Plexus Holdings PLC ('Plexus' or 'the Company')
Director/PDMR Shareholdings
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, announces that Mutual
Holdings Ltd* ('Mutual'), advised on 15 August 2011, that it has
entered into an arrangement with Barclays Private Bank & Trust
Limited ('Barclays'), whereby Mutual has pledged ordinary shares in
the Company to the value of GBP20m to be used as security for the
provision of a flexible loan facility from Barclays. Mutual has
advised Plexus that the GBP2m flexible loan (which has not yet been
drawn down in whole or in part) has been secured on the appropriate
number of the Company's shares at a ratio of 10:1. At the closing
share price on 15 August 2011 of 55p per share, if the loan was
drawn down in full, approximately 36,363,636 out of the 60,000,001
shares held by Mutual would be secured.
It is the Company's understanding that Mutual has chosen to
arrange this facility rather than sell shares at the current Market
price due to the strong progress Plexus is making, and in view of
the significant commercial opportunities that it is hoped will
evolve from its recently announced new "HGSS" friction grip subsea
wellhead design project which is anticipated to be ready for
deployment in Q3 2012. The Company understands that (partly as a
result of the current uncertainty in financial markets) Mutual
believes that this progress has yet to be reflected in the
Company's share price. Mutual plans to utilise these funds to
facilitate further investments by entities associated with the van
Bilderbeek family.
* Ben van Bilderbeek, Director, is one of the beneficiaries of a
trust which controls 70.875% of the shares of Mutual Holdings
Limited.
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Jon Fitzpatrick Cenkos Securities PLC Tel: 020 7397 8900
Ken Fleming Cenkos Securities PLC Tel: 0131 220 6939
Felicity Edwards St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes to Editors:
Plexus Holdings PLC, which began trading on AIM in December
2005, is an oil and gas engineering and services business, which
supplies wellhead and mudline suspension equipment for exploration
and production applications. Based in Aberdeen, with offices in
London, Cairo, Kuala Lumpur and a presence in Houston, Texas, it
has developed and patented a friction-grip method of engineering
for oil and gas field wellheads and connectors, POS-GRIP(R), which
involves deforming one tubular member against another to effect
gripping and sealing.
The Company plans to accelerate the roll out of POS-GRIP
wellhead equipment as a superior alternative to current technology
and for it to become the future industry standard for wellhead
design. In particular, the technology has advantages in High
Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil
and gas environments, for which there is growing global demand and
where Plexus is being increasingly recognised as the supplier of
choice. Importantly, the Company is focussed on extending its
proprietary technology into an increasing number of subsea
applications. In line with this, in March 2011 the Company launched
an initiative to develop a new subsea wellhead design, HGSS(TM),
utilising its friction-grip technology in collaboration with key
oil and gas operators and service companies. The HGSS subsea
wellhead design will include a combination of key features never
before seen in a subsea wellhead which include being rated to
15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity,
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which are
recognised by the API as a serious industry problem, and rigid
metal annular seal technology qualified to match the performance of
premium casing. Field trials of HGSS are targeted for deployment Q3
2012.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 150 oil and gas wells by international companies
including Apache Energy Australia, BHP Billiton, BG International,
Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global
Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad &
Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy
Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman
Energy, Tullow Oil, and Wintershall.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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