Last checked at 17 Jun 2009 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
17 June 2009
Plexus Holdings PLC ('Plexus' or 'the Company')
Maiden Interim Dividend
Plexus Holdings PLC, the AIM listed oil and gas engineering services business, is pleased to announce a maiden interim dividend of 0.3118 pence per share, which will be paid on 30 June 2009 to shareholders on the register on 26 June 2009. The shares will have an ex-dividend date of 24 June 2009.
In view of the steady performance of the Company over the past three years, the Board considers it appropriate to initiate a progressive dividend policy commencing with the payment of this first dividend, having taken into account existing cash flow, capex commitments, and the Company's current prospects. The Board intends, subject to this years trading results, the economic outlook, and the availability of distributable reserves, to recommend a final dividend at the end of the financial year.
The total interim dividend amounts to £250,000.
Plexus CEO Ben van Bilderbeek said: "We are pleased that Plexus has achieved another milestone by initiating the payment of dividends. Furthermore, I believe that it is important for our shareholders to recognise that our proprietary POS-GRIP® rental equipment inventory has a longer economic life than our seven year depreciation policy suggests. As our terms and conditions provide for operators having to repair and replace components damaged beyond normal wear and tear, this policy will help underpin, subject to market conditions, our ability to generate free cash flow and generate resultant dividend yield over the coming years."
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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 |
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes
Plexus Holdings PLC
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering, and services business based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, and a presence in Houston. It has developed a patented a method of engineering for oil and gas field wellheads and connectors, known as POS-GRIP®, which involves elastically deforming one tubular member against another to effect gripping and sealing.
POS-GRIP wellhead systems have been used in over 140 oil and gas wells by international companies including BHP Billiton, BG International, BP, Shell, Brunei Shell Petroleum (BSP), Centrica, ConocoPhillips, Dubai Petroleum, Gaz de France, Global Santa Fe, Maersk, Petro-Canada , RWE, Repsol, Statoil, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in HP/HT and X-HP/HT oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the new standard for all wellhead systems. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.