REG - Plexus Holdings Plc - Result of Placing and Posting of Circular & NOM

Plexus HoldingsAnnouncement

19/03/2025 14:45

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RNS Number : 3484B  Plexus Holdings Plc  19 March 2025

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

 

19 March 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW
PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Plexus Holdings PLC

('Plexus' or 'the Company')

 

Result of Placing and

Posting of Circular & Notice of General Meeting

 

 

Plexus Holdings PLC, the AIM-traded wellhead services business, is pleased to
announce that further to the Company's announcement released at 7.00 a.m. on
19 March 2025 (the "Launch Announcement"), the accelerated bookbuild has
closed and the Company has conditionally raised gross proceeds of  £1.0
million), through the successful Placing of 15,904,977 New Ordinary Shares at
the Issue Price of 6.5 pence per Ordinary Share.

 

The Launch Announcement confirmed that certain directors of the Company intend
to subscribe for a total of 30,246,151 New Ordinary Shares in aggregate (the
"Subscription") to raise a further £2.0 million. As the Company is currently
in a close period under MAR until the publication of its FY24 Interim Results,
the Directors' participation in the Subscription is expected to follow the
publication of the FY24 Interim Results. Should the Subscription proceed the
gross proceeds of the Fundraising will be approximately £3.0 million.

 

In addition to the Placing and Subscription the Company proposes to raise up
to a further £0.5 million through the issue of New Ordinary Shares pursuant
to a Retail Offer to existing retail Shareholders at the Issue Price. A
further announcement will be made regarding the Retail Offer later today.

 

The Company intends to use the net proceeds of the Fundraise and any funds
obtained through the Retail Offer, along with its existing cash resources, as
follows:

·    £3 million will be used to fund the manufacture of eight additional
sets of Exact-EX rental wellhead equipment, doubling the fleet for short term
core business, and additional associated connectors and tooling; and

·    Additional funds will be used to support business growth for
additional equipment such as sold Mudline Suspension equipment and production
wellheads, plus to support continuing R&D activity and for general working
capital purposes.

 

Any additional funds sourced through the Retail Offer will be used to support
additional business growth and for general working capital purposes.

 

Commenting on the Fundraising, Craig Hendrie, CEO of Plexus, said:

"I am delighted with the support we have received for this transaction, both
from new investors and existing shareholders.  The funds raised will enable
Plexus to expand our rental equipment inventory and capitalise on the
significant opportunities we are seeing in the global P&A and exploration
wellhead markets.

 

"Plexus recently took delivery of four new sets of Exact-EX wellheads,
doubling its rental inventory to eight sets, which are expected to be
generating revenues in the near term.  As demand is outstripping supply in
our addressable markets including offshore exploration wells, production or
storage predrilled wells, and P&A activity, we aim to double this number
again with the proceeds from the fundraise. The increasing global demand from
our customers is reflected in our growing sales pipeline, and we are excited
to continue executing our growth strategy, delivering value to shareholders in
the process.

 

"We are grateful for the ongoing support of our existing retail shareholders
and Plexus is therefore pleased to facilitate their participation in the
Fundraise through the retail offer."

 

Posting of Circular & Notice of General Meeting

 

The Fundraise and Conversion are each conditional on, inter alia, the passing
of the Resolutions by Shareholders at the General Meeting, to be held at
Plexus House, Burnside Drive, Dyce, Aberdeen, AB21 0HW on 7 April 2025 at
11.00a.m.

 

The Circular, containing the Notice of the General Meeting, which sets out the
Resolutions and further details on the Fundraising, will be posted to
Shareholders on 20 March 2025 and will be available on the Company's website.
The Circular includes a unanimous Board recommendation that all Shareholders
vote in favour of the Resolutions.

 

Capitalised terms used in this announcement have the meanings given to them in
the Launch Announcement, unless the context provides otherwise.

 

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

 Adam Rae

 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/)

 

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