Plexus Holdings Plc Directors' Interests (9000C)

TIDMPOS

RNS Number : 9000C

Plexus Holdings Plc

01 July 2016

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

1 July 2016

Plexus Holdings PLC ('Plexus' or 'the Company')

Directors' Interests

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP(R) friction-grip method of wellhead engineering, announced on 13 June 2016 that it had agreed the terms of a conditional placing (the "Placing") to raise GBP6,000,000 before expenses, by way of a placing of 9,230,770 new Ordinary Shares ("Placing Shares") at a price of 65 pence per Ordinary Share ("Placing Price") to new and existing investors, including the Company's Chief Executive Ben van Bilderbeek, who subscribed for 307,693 Ordinary Shares in the Placing at the Placing Price and Nazdar Limited (which is ultimately controlled by TEI, Inc, a company in which Jerome Jeffrey Thrall (a director of Plexus) is interested), which subscribed for 1,591,512 Ordinary Shares in the Placing at the Placing Price.

Following completion of the Placing and admission of the Placing Shares to trading on AIM on 29 June 2016:

-- Ben van Bilderbeek has a direct interest in 307,693 Ordinary Shares in the Company, representing 0.29 per cent of the issued share capital of the Company.

Ben van Bilderbeek is also a settlor of a trust which controls 59.96 per cent. of the shares of Mutual Holdings Limited and the entire issued share capital of OFM Investment Limited.

-- Nazdar Limited (which is ultimately controlled by TEI, Inc, a company in which Jerome Jeffrey Thrall (a director of Plexus) is interested) owns 1,591,512 Ordinary Shares in the Company, representing 1.51 per cent of the issued share capital of the Company.

Jerome Jeffrey Thrall also has a direct interest in 4,000 Ordinary Shares, representing 0.004 per cent of the issued share capital of the Company and an indirect beneficial interest in a company which controls 32.48 per cent. of the shares of Mutual Holdings Limited.

At the present time, Mutual Holdings Limited holds 42,700,001 Ordinary Shares and OFM Investment Limited holds 15,069,767 Ordinary Shares in the Company, representing 40.52 per cent and 14.30 per cent, respectively, of the issued share capital of the Company.

**ENDS**

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

 
 Ben van Bilderbeek   Plexus Holdings PLC   Tel: [phone] 
                                             6890 
 Graham Stevens       Plexus Holdings PLC   Tel: [phone] 
                                             6890 
 Nick Tulloch         Cenkos Securities     Tel: [phone] 
                       PLC                   9772 
 Derrick Lee          Cenkos Securities     Tel: [phone] 
                       PLC                   9100 
 Frank Buhagiar       St Brides Partners    Tel: [phone] 
                       Ltd                   1177 
 Isabel de Salis      St Brides Partners    Tel: [phone] 
                       Ltd                   1177 
 

NOTES:

Plexus Holdings PLC

Plexus Holdings PLC, which began trading on AIM in December 2005, is an oil and gas engineering and services business, which supplies wellhead and mudline suspension equipment together with associated equipment and services for exploration and production applications. Based in Aberdeen, with offices in London, Cairo, Kuala Lumpur, Singapore and a presence in Houston, Texas, it has developed and patented a friction-grip method of engineering for oil and gas field wellheads and connectors, POS-GRIP(R), which involves deforming one tubular member against another to effect gripping and sealing.

The Company plans to accelerate the roll out of POS-GRIP wellhead equipment as a superior alternative to current technology and for it to become the future industry standard for wellhead design. In particular, the technology has advantages in High Pressure/High Temperature (HP/HT) and Extreme HP/HT (X-HP/HT) oil and gas environments, for which there is growing global demand and where Plexus is being increasingly recognised as the supplier of choice.

To date, POS-GRIP wellhead systems have been used or selected to be used in over 350 oil and gas wells by international companies including ADTI, AGR, Apache Energy Australia, BHP Billiton, BG International, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, ENI, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Premier Oil Norge, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell China, Shell Egypt, Statoil, Silverstone Energy, Talisman Energy, Total, Tullow Oil, and Wintershall.

Importantly, the Company is focussed on extending its proprietary POS-GRIP technology into an increasing number of subsea applications. In line with this, in March 2011 the Company launched a Joint Industry Project ('JIP') initiative to develop a new subsea wellhead design, the 'Python Subsea Wellhead' utilising its friction-grip technology in collaboration with key oil and gas operators and service companies. BG, Royal Dutch Shell, Wintershall, Maersk, TOTAL, Tullow Oil, ENI, Senergy, ADTI and Oil States Industries Inc. The JIP is nearing completion with final qualification testing of all key features of the product under way, and the resultant Python Subsea Wellhead design will include a combination of key features never before seen in a subsea wellhead which include being rated to 15,000 psi, 4,000,000 pounds of 'instant' casing lockdown capacity, and importantly rigid metal annular seal technology qualified to match the performance of premium connectors. The building of a single string Python Subsea Wellhead system prototype commenced in February, and was launched at the SPE Offshore Europe Exhibition and Conference in Aberdeen ('OE2015') in September 2015.

Plexus is an innovative technology company always looking for opportunities to apply its proprietary POS-GRIP friction grip method of engineering to new products both within and outside the oil and gas industry. For example Plexus have recently completed a JIP in conjunction with Maersk to develop a downhole HPHT Tieback connector which for the first time allows the reconnection of production casing to HPHT exploration and production wells. In addition the Company has developed and qualified a new product called POS-SET Connector(TM) which is designed to re-establish a connection onto rough conductor casing previously cut above the seabed to facilitate tieback or abandonment operations. The market for permanent plugging and abandonment of wells is increasing in the North Sea and beyond, and could be an important new revenue stream for the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 01, 2016 02:00 ET (06:00 GMT)