TIDMPOS

RNS Number : 8863Q

Plexus Holdings Plc

23 October 2023

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

This announcement contains inside information

23 October 2023

Plexus Holdings PLC

('Plexus' or 'the Company')

Sale of Treasury Shares for Cash

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, known for its safety, time, and cost-saving capabilities is pleased to announce that Plexus has sold, from treasury, 2,750,000 shares in the Company ("Treasury Shares") at an average price of 19.97 pence per share, to raise gross proceeds of GBP549,230.

The funds raised through the sale of the Treasury Shares will provide additional working capital for the Company as it seeks to capitalise on its growing pipeline of opportunities and potential orders.

Following the sale of the Treasury Shares, the Company has a total of 103,185,744 Ordinary Shares in issue, and there are 2,200,495 shares held in treasury. The figure of 103,185,744 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

**ENDS**

For further information please visit www.plexusplc.com or contact:

 
Plexus Holdings PLC       Tel: 020 7795 6890 
 Ben van Bilderbeek, CEO 
 Graham Stevens, CFO 
Cavendish Securities PLC  Tel: 0131 220 6939 
 Derrick Lee 
 Adam Rae 
St Brides Partners Ltd    plexus@stbridespartners.co.uk 
 Isabel de Salis 
 Ana Ribeiro 
 

Notes to Editors

Plexus Holdings plc (AIM: POS)

Plexus is an IP led company focussed on establishing its patented leak-proof POS-GRIP(R) wellhead and associated equipment as the go-to technology for energy markets whilst making a genuine contribution to the oil and gas industry's ESG and NetZero goals by championing "through the BOP" (Blow-out Preventer) designs, and lifetime leak-proof HG(R) metal-to-metal sealing systems. Having protected the environment for many years through these technological innovations, the Company was awarded the London Stock Exchange's Green Economy Mark in July 2021 and continues to place emphasis on its ability to reduce harmful methane emissions and unnecessary maintenance and intervention costs.

Headquartered in Aberdeen, the Company has provided leak-free wellhead performance in over 400 wells worldwide and worked with an array of blue-chip oil and gas company clients. As well as generating direct revenues from securing orders for surface production wellheads particularly in the UK and European North Sea regions, the Company has several licencing agreements with major partners including FMC Technologies, which is a subsidiary of TechnipFMC and Cameron, an SLB Group company. Cameron has a non-exclusive licence to use the POS-GRIP and HG(R) metal-to-metal seal method of wellhead engineering for the development of conventional and unconventional oil and gas surface wellheads, and Plexus entered into a Cooperation Agreement, which enabled Plexus to return to the Jack-up Exploration (Adjustable) Wellhead rental business for 'through the BOP' jack-up applications, where Cameron will help to provide Plexus with sales leads and market insight through a formal Sales Advisory Board.

Plexus' current suite of products and applications include: "HG" wellheads, which combine POS-GRIP technology with gas tight leak free metal-to-metal sealing; the Python(R) subsea wellhead, developed in a Joint Industry Project with several industry leaders; the POS-SET(TM) Connector for the de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT tie back connector product. Having proved the superior uniquely enabling qualities of POS-GRIP Technology, Plexus is now also focused on establishing its technology and equipment in other markets such as Plug and Abandonment de-commissioning, carbon capture, gas storage, hydrogen and geothermal where it can play an important role in reducing harmful methane emission risks as operators strive to deliver on ESG commitments and NetZero goals in a safe and cost-effective way.

For more information visit: https://www.plexusplc.com/

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END

POSUURAROKURUUA

(END) Dow Jones Newswires

October 23, 2023 02:04 ET (06:04 GMT)

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