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Plexus Holdings PLC - West Sussex-based engineering services provider - Raises GBP1.6 million through the issue of 1.6 million convertible loan notes. Receives GBP1.0 million from OFM Investment Ltd, GBP500,000 from Chief Executive Ben van Bilderbeek, and GBP50,000 from Non-Executive Director Jeff Thrall. OFM is a company connected to Bilderbeek. Says the proceeds will be used for "working capital purposes" and to fund the company's activities as it seeks to capitalise on its "increasing pipeline of opportunities", notably its re-entry into the exploration wellhead rental from Jack-up rigs market where Plexus is in a licencing partnership with Schlumberger. Adds that the loan notes are non-interesting bearing and have a two year long stop maturity date.
"The board has considered a number of options to secure additional working capital and strengthen the company's balance sheet, and has determined, in conjunction with its advisors that the issue of the loan notes is the preferred approach and that it is the most time and cost-efficient method to enable Plexus to fund its strategic objectives and rental fleet build out in the short-medium term," the company adds.
Says that it is confident that its medium-term outlook remains strong and is encouraged by recent activity.
Current stock price: 2.50 pence, up 31%
12-month change: down 76%
By Sophie Rose; sophierose@alliancenews.com
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