Plexus Holdings Plc Confirmation of Reduction of Capital (2730Y)
May 08 2019 - 1:00AM
UK Regulatory
TIDMPOS
RNS Number : 2730Y
Plexus Holdings Plc
08 May 2019
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
Equipment & Services
This announcement contains inside information
Plexus Holdings PLC ('Plexus' or 'the Company')
Confirmation of Reduction of Capital
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
announce that the High Court of Justice in England and Wales (the
"Court") made an order on 7 May 2019 confirming the cancellation of
the Company's Share Premium Account under section 648 of the
Companies Act 2006 (the "Court Order").
The Court Order and a statement of capital approved by the Court
were subsequently registered with the Registrar of Companies for
England and Wales, and accordingly, the Reduction of Capital is now
effective.
Further details of, inter alia, the background to and reasons
for the proposed cancellation of the Company's Share Premium
Account are set out in the Circular. The Circular is available on
the Company's website at www.plexusplc.com. Terms defined in the
Circular have the same meanings in this announcement.
**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
Derrick Lee Cenkos Securities PLC Tel: 0131 220 9100
Frank Buhagiar St Brides Partners Ltd Tel: 020 7236 1177
Isabel de Salis St Brides Partners Ltd Tel: 020 7236 1177
NOTES:
AIM-traded oil and gas engineering services company Plexus (AIM:
POS) is an IP-led company that has developed a range of products
and applications based on its patent-protected POS-GRIP
friction-grip technology. Having proved the superior qualities of
POS-GRIP within the jack-up wellhead exploration market through the
sale of this business to FMC Technologies Limited, a subsidiary of
TechnipFMC (Paris:FTI, NYSE:FTI) (jointly "TFMC"), in early 2018,
the Company is now focused on establishing its technology and
equipment in other markets including surface production wellheads,
subsea and de-commissioning.
Its suite of ongoing products and applications include: "HG"(TM)
Wellheads, which combine POS-GRIP Technology with Gas Tight metal
sealing; the Python(R) Subsea Wellhead (a new standard for subsea
wellheads - developed in a JIP supported by Royal Dutch Shell, BG
(now owned by Shell), Wintershall, Total, Maersk (now owned by
Total), Tullow Oil, eni, Senergy (now Lloyds register), and Oil
States Industries Inc); the POS-SET(TM) Connector for the growing
de-commissioning and abandonment market; and Tersus-PCT, an
innovative HP/HT Tie-Back connector product. Importantly, the
Company also has a Collaboration Agreement with TFMC, which
provides a platform to further develop and commercialise these and
other applications based on its POS-GRIP technology.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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