Plexus Holdings Plc Exercise of Options (5205E)
February 10 2015 - 5:07AM
UK Regulatory
TIDMPOS
RNS Number : 5205E
Plexus Holdings Plc
10 February 2015
Plexus Holdings PLC ('Plexus' or 'the Company')
Exercise of Options
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, announces the receipt
of an Exercise Notice from an employee in relation to 9,523 share
options issued in June 2007. Therefore, the Company has issued and
allotted 9,523 new Ordinary Shares of 1p per share ("Ordinary
Shares").
An application has been made for the 9,523 new Ordinary Shares,
which will rank pari passu with the Company's existing Ordinary
Shares, to be admitted to trading on AIM and trading in such shares
is expected to commence on 12 February 2015.
Following the issue of the Ordinary Shares, the total number of
shares in issue and the total number of ordinary shares in the
Company with voting rights will be 84,902,196. This figure may be
used by shareholders in the Company as the denominator for the
calculation by which they will determine if they are required to
notify their interest in, or a change of interest in, the share
capital of the Company under the Financial Service Authority's
Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.plexusplc.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Derrick Lee Cenkos Securities Tel: 0131 220 9100
PLC
Nick Tulloch Cenkos Securities Tel: 0131 220 9772
PLC
Felicity Winkles St Brides Media & Tel: 020 7236 1177
Finance Ltd
Frank Buhagiar St Brides Media & Tel: 020 7236 1177
Finance Ltd
Notes to Editors:
Plexus Holdings PLC, which began trading on AIM in December
2005, is an oil and gas engineering and services business, which
supplies wellhead and mudline suspension equipment for exploration
and production applications. Based in Aberdeen, with offices in
London, Cairo, Kuala Lumpur, Singapore and a presence in Houston,
Texas, it has developed and patented a friction-grip method of
engineering for oil and gas field wellheads and connectors,
POS-GRIP(R), which involves deforming one tubular member against
another to effect gripping and sealing.
The Company plans to accelerate the roll out of POS-GRIP
wellhead equipment as a superior alternative to current technology
and for it to become the future industry standard for wellhead
design. In particular, the technology has advantages in High
Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil
and gas environments, for which there is growing global demand and
where Plexus is being increasingly recognised as the supplier of
choice. Importantly, the Company is focussed on extending its
proprietary technology into an increasing number of subsea
applications. In line with this, in March 2011 the Company launched
a Joint Industry Project ('JIP') initiative to develop a new subsea
wellhead design, HGSS(TM), utilising its friction-grip technology
in collaboration with key oil and gas operators and service
companies. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL,
Tullow Oil, ENI, Oil States Industries Inc., and the UK entity of
the world's largest offshore drilling company have joined the
initiative to date as Consulting Partners. The JIP is nearing
completion and the resultant HGSS subsea wellhead design will
include a combination of key features never before seen in a subsea
wellhead which include being rated to 15,000 psi, 4,000,000 pounds
of 'instant' casing lockdown capacity, and importantly rigid metal
annular seal technology qualified to match the performance of
premium connectors. The JIP will also be designing solutions for
annulus pressure monitoring and access for 'bleed off' capability
to address sustained casing pressure ('SCP') issues which for many
years have been recognised by the industry as a serious industry
problem. The design process has now been completed, with testing is
due for completion mid 2015, and the running of a prototype in the
field targeted for the first half of 2016.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 300 oil and gas wells by international companies
including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG
International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn
Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum,
GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada
Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol,
RWE, Senergy Limited, Shell China, Shell Egypt, StatoilHydro,
Silverstone Energy, Talisman Energy, Tullow Oil, and
Wintershall.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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