Plexus Holdings PLC ('Plexus' or 'the Company')
Receipt of Subscription Funds and
Issue of New Ordinary Shares
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, announces that further to the notification by the Company on 2 July 2015, the Company has now received £8,043,367 from Jereh International (Hong Kong) Co., Ltd ("Jereh HK") as consideration for 4,468,537 new ordinary shares in the Company ("Subscription Shares") which have been acquired by Jereh HK pursuant to the share subscription agreement entered into by the Company and Jereh HK on 1 July 2015.
Following admission of the Subscription Shares to trading on AIM, Jereh HK will be interested in a total of 4,468,537 new ordinary shares in the Company, representing 5% of the issued share capital of Plexus.
Application has been made for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 7 July 2015. The Subscription Shares will rank pari passu with the existing Ordinary Shares in the Company from Admission.
Following Admission, Plexus will have 89,370,733 Ordinary Shares in issue and each share has the right to one vote. Therefore, for the purposes of the Financial Conduct Authority ('FCA') Disclosure and Transparency Rules, the total number of voting rights in the Company is 89,370,733. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify the Company of their interests in, or change to their interests in, the Company under the FCA's Disclosure and Transparency Rules.
**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 |
Nick Tulloch |
Cenkos Securities PLC |
Tel: 0131 220 9772 |
Felicity Winkles |
St Brides Partners Ltd |
Tel: 020 7236 1177 |
Frank Buhagiar |
St Brides Partners Ltd |
Tel: 020 7236 1177 |
Notes to Editors:
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®, 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, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, 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, 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 will be ready for display 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™ 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.
Jereh Group
Jereh Group was incorporated in 1999 and is headquartered in Yantai, China. The Jereh Group listed on the Shenzhen stock exchange in 2010 and its current market capitalisation is approximately US$6.9bn. In 2013 the Group generated revenue of US$600 million and employed over 5,000 people.
The Jereh Group consists of 18 subsidiaries located worldwide. To date the Group has built seven industrial parks, covering an area of around 700 acres, with 18 service basements across the globe and has established R&D centres in China, America and Canada. Worldwide sales and service centres are well established in Canada, South America, UAE, Kazakhstan, Russia, Australia, Africa, Indonesia and Hong Kong to provide customer-focused solutions to the energy industry.
Jereh is a worldwide leader in providing integrated solutions of oilfield equipment and services for oil and gas drilling, well stimulation and intervention, well completion, natural gas transportation, natural gas liquefaction and environmental management. The Group's product range include drill rigs, cementers, frac spread, coiled tubing unit, nitrogen pumper, intelligent pipe handling system, snubbing units, hot oilers, coiled tubing injectors and blow out preventers (BOP), natural gas compression package, natural gas equipment (including EPC, LNG equipment and gas fuelling units), compressors, LNG equipment), wellhead equipment, downhole motors and related equipment.
