Plexus Regulatory News (POS)

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

Plexus Holdings PLC ("Plexus" or "Company")

Result of AGM

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, is pleased to announce that, at the Annual General Meeting held earlier today, which was held as a closed meeting as a result of the pandemic and at which the required quorum was present, each of the resolutions ("Resolutions") set forth in the Notice convening the meeting were passed. The Chairman of the meeting demanded a poll of votes on all of the resolutions proposed, each of which were passed by an excess of votes cast in favour of the requisite majority.

Final results of proxy appointments received for the AGM in advance of the meeting are set out below:

*Includes the discretionary votes given to the chairman of the meeting, but excludes abstentions.

ENDS

 For further information please visit www.posgrip.com or contact:

NOTES:

Plexus Holdings plc (AIM: POS) is an IP led company focussed on establishing its patented leak-proof POS-GRIP® Technology in wellhead and associated equipment as the go-to drilling and production equipment for energy markets whilst making a genuine contribution to the oil and gas industry's ESG and NetZero goals by championing "through the BOP" (Blowout Preventer) products, and lifetime leak-proof "HG"® metal-to-metal sealing systems. Having protected the environment for many years through these technological innovations, the Company was awarded the London Stock Exchange's Green Economy Mark in July 2021 and continues to place emphasis on its ability to reduce harmful methane emissions and unnecessary maintenance and intervention costs. 

Headquartered in Aberdeen, the Company has provided leak-free wellhead performance in hundreds of wells worldwide and worked with an array of blue-chip oil and gas company clients. As well as generating direct revenues from securing orders for surface production wellheads particularly in the UK and European North Sea regions, the Company has several licencing/collaboration agreements with major partners including FMC Technologies, which is a subsidiary of TechnipFMC, and LLC Gusar in Russia. Furthermore, it works closely with Cameron, a Schlumberger Group company Cameron has a non-exclusive licence to use the POS-GRIP and "HG" metal-to-metal seal method of wellhead engineering for the development of conventional and unconventional oil and gas surface wellheads, and Plexus entered into a Cooperation Agreement, which enabled Plexus to return to the Jack-up Exploration (Adjustable) Wellhead rental business for 'through the BOP' jack-up applications, where Cameron will help to provide Plexus with sales leads and market insight through a formal Sales Advisory Board. .

Plexus' current suite of products and applications include: "HG" wellheads, which combine POS-GRIP Technology with gas tight leak free metal-to-metal sealing; the Python® subsea wellhead, developed in a Joint Industry Project with several industry leaders; the POS-SET™ Connector for the de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT tie back connector product. Having proved the superior uniquely enabling qualities of POS-GRIP Technology, Plexus is now also focused on establishing its technology and equipment in other markets such as Plug and Abandonment de-commissioning, carbon capture, gas storage, hydrogen and geothermal where it can play an important role in reducing harmful methane emission risks as operators strive to deliver on ESG commitments and NetZero goals in a safe and cost-effective way.