REG - Plexus Holdings Plc - Operational Update and Loan Facility

Plexus HoldingsAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251211:nRSK0972La&default-theme=true

RNS Number : 0972L  Plexus Holdings Plc  11 December 2025

This announcement contains inside information

 

11(th) December 2025

Plexus Holdings PLC

("Plexus", the "Company" or the "Group")

 

Operational Update and Loan Facility

 

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, is
pleased to provide an update on operations and trading for the year to 30 June
2026 ("FY26") and confirms that it has entered into an agreement for a loan
facility of up to £2 million ("Loan Facility") with OFM Holdings Limited
("OFM" or the "Lender").

 

HIGHLIGHTS

·    Financial performance for FY26 expected to be in line with market
expectations.

·    First four new Exact™ EX rental wellhead systems purchased from the
Company's fundraising in March 2025 due for delivery by end of 2025, with the
remaining four sets to be completed in 2026.

·    £2 million Loan Facility secured to provide financial flexibility
and support operations and strategic growth initiatives.

·    International footprint strengthened with a permanent presence
established in the Middle East.

·    Confident in long-term outlook amid growing overseas opportunities
and anticipated market recovery.

 

Operations and Trading Update

Plexus is pleased to confirm that it is completing manufacture of four new
Exact™ EX rental wellhead systems on schedule, to increase the Company's
rental fleet to 12 sets.  The four new wellhead systems are planned for
deployment in early 2026, and will be required to meet current enquiry levels,
with a further four sets to be ordered for delivery during Q4 2026.

 

In addition to the key strategic market sector of rental wellheads, the
Company continues to pursue opportunities in sold production wellhead
equipment and special projects, which are also expected to have some impact in
2026.

 

Plexus continues to strengthen its position in key international markets,
including the Middle East, where a senior sales manager has relocated to
establish a permanent presence and where partnership with its local
representative, Peak Energy Solutions, has been further expanded. The Company
is currently preparing wellhead rental equipment for an exploration well in
the UAE, and a permanent presence in this region will enable Plexus to
capitalise on more opportunities in the future.

 

In the UK sector, government policy on maintaining the EPL on production and
blocking exploration licences has led to uncertainty on the timing of plug and
abandonment ("P&A") and decommissioning projects and subdued exploration
activity. However, many opportunities still remain for Plexus, including
carbon capture and storage ("CCS") wells and hydrogen storage, and P&A and
decommissioning projects will be undertaken once operators commit to the
necessary expenditures. The Board is encouraged by the Company's pipeline of
business for H2 FY26 and beyond, and the Company's results for FY26 are
expected to be in line with market expectations.

 

Loan Facility

Plexus has entered into a £2 million Loan Facility with OFM Holdings Limited,
a company wholly owned by a trust of which Chairman Ben Van Bilderbeek is
settlor. The Loan Facility will be used to manage the Group's working capital
requirements in the second half of FY26 following the deferral of certain
projects into this period. Plexus' pipeline remains strong, and management
continues to expect an improvement in activity levels later in FY26 and
beyond, with growing opportunities in overseas markets.

 

The Loan Facility will enable Plexus to maintain momentum in delivering on its
strategic plans and operational capability during this period, while
positioning the Group to take advantage of the anticipated opportunities.

 

Key terms of the Loan Facility:

·      Facility amount: up to £2,000,000, available for draw down in
tranches.

·      Lender: OFM Holdings Limited, a company connected to Plexus'
Chairman, Ben Van Bilderbeek.

·      Purpose: working capital support.

·      Interest: 8% per annum, with the first six months' interest
rolled into the capital balance, thereafter payable monthly.

·      Term: repayable in full by 31 December 2028, with an option to
extend by mutual consent.

·      Security: second ranking debenture over certain Company assets,
including intellectual property and manufacturing records.

·      Early repayment: permitted at any time without penalty.

 

Related Party Transaction

The provision of the Loan Facility by OFM Holdings Limited, a company
connected to Ben van Bilderbeek (a Director of the Company), constitutes a
related party transaction for the purposes of Rule 13 of the AIM Rules. The
Company's directors (excluding Ben van Bilderbeek, who is interested in the
transaction) consider, having consulted with the Company's nominated adviser,
Cavendish Capital Markets Limited, that the terms of the transaction are fair
and reasonable insofar as its shareholders are concerned.

 

Plexus CEO Craig Hendrie said: "We are encouraged to see growing momentum
internationally as operators recognise the value of Plexus' technology and,
with a permanent presence now established in the Middle East and strengthened
relationships with our local partners, we are particularly well placed to
capture emerging opportunities in this key region and beyond. Whilst the
timings of certain projects in the North Sea are uncertain, this loan facility
provides the financial flexibility to stay agile, deliver on our strategic
priorities, and ensure we are ready to capitalise on overseas growth as it
accelerates. Accordingly, we remain disciplined, but we are optimistic about
the pace of recovery in global energy markets."

 

Ben van Bilderbeek, Founder and Chairman of Plexus Holdings PLC, commented:
"The decision to extend a loan facility to Plexus reflects continued
confidence in the value of our patented POS-GRIP® friction-grip wellhead
technology, in the Exact EX rental wellhead business, and in the long-term
potential.

 

"Following the industry downturn in 2015, Plexus preserved its approved
wellhead-supplier status and core HP/HT capabilities through targeted project
work, disciplined cost management, and selective asset disposals.

 

"Re-establishing the Company's Exact EX Jack-up Exploration drilling rental
business has required the design and prototype of a new Jack-up adjustable
wellhead system, completion of qualification testing, securing a field-trial
operator, and raising capital to restore essential rental inventory. Plexus
has been working hard on building a fleet of wellhead units to be able to take
on several simultaneous projects in international locations, and I now see
this business beginning to gain traction."

 

ENDS

 

For further information please visit www.plexusplc.com
(http://www.plexusplc.com/) or contact:

 

 Plexus Holdings PLC                Tel: 01224 774222

 Craig Hendrie, CEO

 Mike Park, CFO

 Cavendish Capital Markets Limited  Tel: 0131 220 6939

 Derrick Lee

 St Brides Partners Ltd             plexus@stbridespartners.co.uk

 Isabel de Salis

 Paul Dulieu

 Will Turner

 

NOTES

Plexus Holdings plc (AIM: POS) is an IP-led company specialising in developing
and providing wellhead systems and associated products and services for
offshore operations.

 

Headquartered in Aberdeen, the company focuses on providing wellheads for
Jack-up rig operations such as exploration and appraisal drilling, Plug &
Abandonment work and emerging markets for Carbon Capture & Storage,
hydrogen production and storage and geothermal. Plexus has a collaboration
agreement with SLB to supply Exact adjustable wellhead systems for Jack-up
applications and supports these operations with a range of proprietary
equipment and tools, and project engineering services.

 

Plexus is known for its highly innovative POS-GRIP® wellhead technology and
HG® metal-to-metal sealing systems, for which licences have been sold to
major industry players such as SLB and TechnipFMC for limited applications.
Plexus continues to develop products based on POS-GRIP technology for
challenging surface production wellhead platforms, special projects and
connector and subsea applications such as the Python® subsea wellhead system.

 

Plexus has always been at the forefront of innovation to reduce risk and
improve performance in the energy industry, such as developing through-BOP
wellhead systems which help to prevent blow-outs, and POS-GRIP "HG" Seals
which are leak-free throughout field life and so reduce methane emissions and
minimise maintenance costs. These innovations support the oil and gas
industry's ESG and NetZero, and in recognition of this, Plexus was Awarded the
London Stock Exchange's Green Economy Mark in 2021.

 

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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBBLLFELLFFBX



            Copyright 2019 Regulatory News Service, all rights reserved