Plexus Holdings PLC - AIM-quoted oil and gas engineering services business headquartered in Aberdeen - Updates with regards to the previously announced loan and option agreements. Alongside the loan agreements, which had a total value of GBP700,000, the company entered into primary and secondary call option agreements with Ben van Bilderbeek and Plexus Property International Ltd.
These agreements provided the lenders with the right to exercise a primary option to have their portion of the loans repaid in shares owned by Plexus Ocean Systems Ltd in Kincardine Manufacturing Services Limited, a precision engineering company in which Plexus holds a 49% interest.
Now confirms that the lenders have elected to exercise the primary and secondary options and will be issued with the 49% of shares held by POSL in KMS in return for a further cash payment of GBP300,000 to Plexus; this is in addition to the original GBP700,000 loan funds associated with the primary option.
The sale of this non-core asset has now generated a total of GBP1 million of additional funding which will be used to provide additional working capital for the company.
Current stock price: 19.11 pence
12-month change: up 933%
By Jeremy Cutler, Alliance News reporter
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Plexus (POS)