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The loan gets converted into shares
1.5 mill loan
So if share price is 10p they get 15 mill shares
The higher the strike price the better as won’t don’t want lots shares in issue however holders will get the opportunity to join in as directors keen not to dilute LTH
Hi Scott
What does it mean when shares get converted please ?
Only 100 mill shares
Directors etc hold over 77 mill
Very little free float
Hence any buying pushes it north
The £1.5 mill loan notes will be converted
Get the price over 10p first to avoid too much dilution and take up your rights to avoid any personal dilution
In anticipation of such increased activity and with the proceeds from the October 2022 £1.55m raise via the issue of convertible loan notes, and the post period end sale of a surplus property in Aberdeen for £1.05m, Plexus has been building its new wellhead rental inventory, and hopes to begin to win rental contracts over the coming months.
Fittingly, post period end, Plexus had won a significant £5m+ contract for the rental of our proprietary POS-GRIP "HG®" wellhead equipment and sealing technology, and while lead times can be lengthy for such specialised projects, we believe that more of these opportunities will present themselves over time.
Moving well , I have purchased a small first amount and will use ISA money tomorrow to add more
What a great summary
Many thanks
L
Fallen from 320-1p
Now in recovery
Tech green and O/G credentials
Funded with 1.5 plus 1.0 mill plus new 5 Mio contract
Patented tech for leak free gripping subsea or surface wellheads
Plug and abandonment uses
This can be huge and the market has missed it
If US EPA get involved it will be a go to tech
Schlumberger involved with their contracts
A huge North Sea Market share for Plexus to target
"As evidence of the industry's revival, GlobalData Energy expects 494 O&G projects in Europe to commence operations during the period 2023-2027, of which 147 would be upstream. Further, according to a recent Rystad Energy report, the O&G sector is set for its highest growth in a decade with $214 billion of new project investments lined up, including in the North Sea where from 2022-2023 spending in the UK and Norway will jump 30% and 22%, to $7 billion and $21.4 billion respectively. This increasing level of activity will be a "boon" for the offshore services market and Plexus is working hard to secure a share of this opportunity
Very many thanks
I also see what with the directors loans and also the property sale in Aberdeen for over £1mln that Plexus now have cash and cash equivalents of nearly the entire market value .
I am going to do some more research, what is the Grip technology they talk about please ?
Is it something to do with deep sea rigs ?
Nice to see
I am perfectly happy with the office deal given todays news.
....and, for the believers, Zak Mir featured Plexus in this weekend's Bulletin Board Heroes saying the chart upturn shows a test of 3.3p (blown through that then!) moving onto 5p by the end of next month.......with a sniff of another new contract I think that might happen a little earlier!
Has fallen steadily from 22p in Nov 2020 (disregarding the previous highs of £1 in 2017 and £3 in 2014!) but now looks to be on the upturn. So few shares in circulation (100m) with 43% credited to Mutual Holdings who hold on behalf of a dormant company, BBHISL Nominees, which in turn is held by Brown Brothers Harriman & Co. (BBH) which is the oldest and one of the largest private investment banks in the United States - they took out their investment in Feb 2019 when the POS share price was 50p! Jeff Thrall, non-executive Chairman of Plexus, has an indirect beneficial interest in Mutual Holdings.
This morning's news of a contract for over £5m (with £2.5m to be recognised in 22-23 and the remainder in 23-24) is fantastic for a Company with a market cap of only £4m (even after today's rise). Plexus are a market leader in wellhead seals for reducing pollution from new and decommissioned oil drilling - they are in partnership with the renowned company Schlumberger in a market forecast to reach almost $12billion by 2020. As CEO, Ben van Bilderbeek, says today, 'I believe Plexus is finally turning the corner and will prosper in the coming years, both organically, and with major technology licensees such as TechnipFMC and SLB, who have recognised and adopted the unique benefits of the ESG and NetZero compliant POS-GRIP method of wellhead engineering.'
Totally agree - this looks great value to me, especially with such a significant contract win and the prospect of more to come.
Just the start of the re rate plenty more contracts on the way…insanely cheap
Uncle Ben come good for us ..... yippeeeeee......
Contract same value as our market Cap !!!! hence why 66% rise to be on par
I'm interested but darned if I know how to open that link !
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Hi all! Interesting day and shame to see asset sales (cheaply) before seeing a customer sales turnaround first. Extends runway though I suppose.
Anyway if anyone is interested I’ve created a dedicated Plexus research & discussion channel (without trolls!) in case anyone is interested in some informed and helpful discussion on Plexus plc & it’s journey to recovery or other paths/options ;)
*************+iCtL9XZD9JIyNDg0
What a joke! The CEO essentially gets his money back after 7 years and then has another 46 years to feather his nest from letting the property after that.
Much better deal for CEO than POS.
POS look desperate - cash running low again?
Interims due in few weeks
Contracts before then