REG - Plexus Holdings Plc - Sale of Treasury Shares for Cash

Plexus HoldingsAnnouncement

23/10/2023 07:15

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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® 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 £549,230.

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
(https://protect-eu.mimecast.com/s/OkwOCvZExsWL7L4SXTFBw?domain=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 (mailto: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® 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® 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® 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® subsea wellhead, developed in a Joint Industry Project
with several industry leaders; the POS-SET™ 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/
(https://www.plexusplc.com/)

 

 

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