The Cash?24 Sep 2018 10:44
Exert from the old RNS below, this company trades at close to book value, has no significant debt and could receive up to £27 million in cash depending on how well the jack up business does over 3 years. Assume they only get 33% of what was hoped, £9 million, that would double the cash value of POS.....45p a share....seriously?
"Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, is pleased to announce the completion of the sale of its wellhead exploration equipment and services business for jack-up applications (the "Jack-up Business") and the licencing of certain intellectual property to FMC Technologies Limited ("TFMC"), (together, the "Disposal"), and the receipt of an initial net consideration of £14,164,344.
An additional sum of up to £27,500,000 is payable dependent on the future performance of the Jack-up Business during a three-year earn-out period. TFMC is a subsidiary of TechnipFMC (Paris:FTI)(NYSE:FTI), one of the leading oil and gas service and equipment companies."