TIDMPOS
RNS Number : 9000C
Plexus Holdings Plc
01 July 2016
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
1 July 2016
Plexus Holdings PLC ('Plexus' or 'the Company')
Directors' Interests
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, announced on 13 June
2016 that it had agreed the terms of a conditional placing (the
"Placing") to raise GBP6,000,000 before expenses, by way of a
placing of 9,230,770 new Ordinary Shares ("Placing Shares") at a
price of 65 pence per Ordinary Share ("Placing Price") to new and
existing investors, including the Company's Chief Executive Ben van
Bilderbeek, who subscribed for 307,693 Ordinary Shares in the
Placing at the Placing Price and Nazdar Limited (which is
ultimately controlled by TEI, Inc, a company in which Jerome
Jeffrey Thrall (a director of Plexus) is interested), which
subscribed for 1,591,512 Ordinary Shares in the Placing at the
Placing Price.
Following completion of the Placing and admission of the Placing
Shares to trading on AIM on 29 June 2016:
-- Ben van Bilderbeek has a direct interest in 307,693 Ordinary
Shares in the Company, representing 0.29 per cent of the issued
share capital of the Company.
Ben van Bilderbeek is also a settlor of a trust which controls
59.96 per cent. of the shares of Mutual Holdings Limited and the
entire issued share capital of OFM Investment Limited.
-- Nazdar Limited (which is ultimately controlled by TEI, Inc, a
company in which Jerome Jeffrey Thrall (a director of Plexus) is
interested) owns 1,591,512 Ordinary Shares in the Company,
representing 1.51 per cent of the issued share capital of the
Company.
Jerome Jeffrey Thrall also has a direct interest in 4,000
Ordinary Shares, representing 0.004 per cent of the issued share
capital of the Company and an indirect beneficial interest in a
company which controls 32.48 per cent. of the shares of Mutual
Holdings Limited.
At the present time, Mutual Holdings Limited holds 42,700,001
Ordinary Shares and OFM Investment Limited holds 15,069,767
Ordinary Shares in the Company, representing 40.52 per cent and
14.30 per cent, respectively, of the issued share capital of the
Company.
**ENDS**
For further information please visit www.posgrip.com or
contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7795
6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795
6890
Nick Tulloch Cenkos Securities Tel: 0131 220
PLC 9772
Derrick Lee Cenkos Securities Tel: 0131 220
PLC 9100
Frank Buhagiar St Brides Partners Tel: 020 7236
Ltd 1177
Isabel de Salis St Brides Partners Tel: 020 7236
Ltd 1177
NOTES:
Plexus Holdings PLC
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 together with
associated equipment and services 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.
To date, POS-GRIP wellhead systems have been used or selected to
be used in over 350 oil and gas wells by international companies
including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG
International, BP, Brunei Shell Petroleum, Cairn Energy, Centrica,
ConocoPhillips, Dana Petroleum, Dubai Petroleum, ENI, GDF SUEZ,
Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad
& Tobago, Premier Oil Norge, Red Sea Petroleum Operating
Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt,
Statoil, Silverstone Energy, Talisman Energy, Total, Tullow Oil,
and Wintershall.
Importantly, the Company is focussed on extending its
proprietary POS-GRIP 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, the 'Python Subsea Wellhead' 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, Senergy, ADTI and Oil
States Industries Inc. The JIP is nearing completion with final
qualification testing of all key features of the product under way,
and the resultant Python 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 building of a single string Python Subsea
Wellhead system prototype commenced in February, and was launched
at the SPE Offshore Europe Exhibition and Conference in Aberdeen
('OE2015') in September 2015.
Plexus is an innovative technology company always looking for
opportunities to apply its proprietary POS-GRIP friction grip
method of engineering to new products both within and outside the
oil and gas industry. For example Plexus have recently completed a
JIP in conjunction with Maersk to develop a downhole HPHT Tieback
connector which for the first time allows the reconnection of
production casing to HPHT exploration and production wells. In
addition the Company has developed and qualified a new product
called POS-SET Connector(TM) which is designed to re-establish a
connection onto rough conductor casing previously cut above the
seabed to facilitate tieback or abandonment operations. The market
for permanent plugging and abandonment of wells is increasing in
the North Sea and beyond, and could be an important new revenue
stream for the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHEAEKEDLSKEAF
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