Last checked at 28 Dec 2022 07:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
28 December 2022
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 each of the resolutions proposed at the Annual General Meeting ("AGM") were duly passed on a show of hands without a poll of votes being demanded. Further details of the resolutions approved at the AGM are set out in the notice of meeting, which is available on the Company's website www.plexusplc.com.
On 20th October 2022, the Company announced that it had raised £1,550,000 through the issue of 1,550,000 convertible loan notes to each of OFM Investment Limited (an entity connected to the van Bilderbeek family), Ben van Bilderbeek, CEO of Plexus, and Jeff Thrall, Non-executive Director of Plexus, under the terms of a loan note instrument (the "Instrument"). The Instrument required the Company, inter alia, to seek the requisite shareholder resolutions to approve the grant of security and, following the passing of the resolutions at the AGM, the Company is now authorised to enter into the debenture (as chargee) with Ben van Bilderbeek (as security trustee on behalf of the lenders) to secure up to £1,550.000 loan notes 2024 constituted by the Instrument by way of a first ranking charge over all of the Company's assets (excluding any that are subject of a Bank of Scotland security) and has done so with effect from the date of the AGM.
ENDS
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 |
Derrick Lee | Cenkos Securities PLC | Tel: 0131 220 9100 |
Isabel de Salis | St Brides Partners Ltd | Email: plexus@stbridespartners.co.uk |
Max Bennett | St Brides Partners Ltd | Email: plexus@stbridespartners.co.uk |
NOTES:
Notes to Editors
Plexus Holdings plc (AIM: POS)
Plexus is an IP-led company focussed on establishing its patented leak-proof POS-GRIP® wellhead and associated equipment as the go-to technology for energy markets whilst making a genuine contribution to the oil and gas industry's ESG and NetZero goals by championing "through the BOP" (Blow-out Preventer) designs, 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 over 400 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 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.
For more information visit: https://www.plexusplc.com/