Plexus Holdings Plc Loan Agreements Update (1608X)
18 12월 2023 - 8:17PM
UK Regulatory
TIDMPOS
RNS Number : 1608X
Plexus Holdings Plc
18 December 2023
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
18 December 2023
Plexus Holdings PLC
('Plexus' or 'the Company')
Loan Agreements Update
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, is pleased to provide
an update with regards to the previously announced loan and option
agreements (the 'Transaction'), which were notified by the Company
on 18 September 2023.
Alongside the loan agreements, which had a total value of
GBP700,000, the Company entered into Primary and Secondary call
option agreements ('Option Agreements') with Ben van Bilderbeek and
Plexus Property International Ltd ('PPI') (the 'Lenders'). These
Option Agreements provided the Lenders with the right to exercise a
Primary option to have their portion of the loans repaid in shares
owned by Plexus Ocean Systems Limited ('POSL') in Kincardine
Manufacturing Services Limited ("KMS"), a precision engineering
company in which Plexus holds a 49% interest following a strategic
investment of GBP735,000 in December 2018. The Secondary option
enabled the Lenders to acquire the balance of POSL's 49%
shareholding in KMS for an additional sum of GBP300,000.
On 31 December 2022, POSL's holding in KMS was valued at
GBP838,000 and held as an investment in an associate of the
Company. Ahead of the Transaction, the Company commissioned an
independent valuation of its stake in KMS, following which the
independent directors have concluded that an increased valuation of
GBP1m should be applied to POSL's KMS shares for the purposes of
the Option Agreements.
The Company is pleased to confirm that the Lenders have elected
to exercise the Primary and Secondary options and will be issued
with the 49% of shares held by POSL in KMS in return for a further
cash payment of GBP300,000 to Plexus; this is in addition to the
original GBP700,000 loan funds associated with the Primary
option.
The sale of this non-core asset has now generated a total of
GBP1m of additional funding for Plexus, which will be used to
provide additional working capital for the Company whilst it
continues to pursue a pipeline of opportunities and potential
orders, including in the fast-expanding decommissioning sector
where Plexus' technology can enable the safe and permanent plug and
abandonment of wells at the end of their lives.
**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 Capital Markets Limited Tel: 0131 220 6939
Derrick Lee
Adam Rae
------------------------------
St Brides Partners Ltd plexus@stbridespartners.co.uk
Isabel de Salis
Paul Dulieu
------------------------------
NOTES
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/collaboration 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
P&A 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
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December 18, 2023 06:17 ET (11:17 GMT)
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