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Plexus Holdings Plc

Confirmation of Reduction of Capital

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RNS Number : 2730Y
Plexus Holdings Plc
08 May 2019
 

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil Equipment & Services

 

 

                                                                                                                 

 

This announcement contains inside information

 

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

Confirmation of Reduction of Capital

 

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, is pleased to announce that the High Court of Justice in England and Wales (the "Court") made an order on 7 May 2019 confirming the cancellation of the Company's Share Premium Account under section 648 of the Companies Act 2006 (the "Court Order").

The Court Order and a statement of capital approved by the Court were subsequently registered with the Registrar of Companies for England and Wales, and accordingly, the Reduction of Capital is now effective.

Further details of, inter alia, the background to and reasons for the proposed cancellation of the Company's Share Premium Account are set out in the Circular. The Circular is available on the Company's website at www.plexusplc.com.  Terms defined in the Circular have the same meanings in this announcement. 

**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

Frank Buhagiar

St Brides Partners Ltd

Tel: 020 7236 1177

Isabel de Salis

St Brides Partners Ltd

Tel: 020 7236 1177

 

 

NOTES:

AIM-traded oil and gas engineering services company Plexus (AIM: POS) is an IP-led company that has developed a range of products and applications based on its patent-protected POS-GRIP friction-grip technology.  Having proved the superior qualities of POS-GRIP within the jack-up wellhead exploration market through the sale of this business to FMC Technologies Limited, a subsidiary of TechnipFMC (Paris:FTI, NYSE:FTI) (jointly "TFMC"), in early 2018, the Company is now focused on establishing its technology and equipment in other markets including surface production wellheads, subsea and de-commissioning. 

  

 

Its suite of ongoing products and applications include: "HG"™ Wellheads, which combine POS-GRIP Technology with Gas Tight metal sealing; the Python® Subsea Wellhead (a new standard for subsea wellheads - developed in a JIP supported by Royal Dutch Shell, BG (now owned by Shell), Wintershall, Total, Maersk (now owned by Total), Tullow Oil, eni, Senergy (now Lloyds register), and Oil States Industries Inc); the POS-SET™ Connector for the growing de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT Tie-Back connector product.  Importantly, the Company also has a Collaboration Agreement with TFMC, which provides a platform to further develop and commercialise these and other applications based on its POS-GRIP technology.

 

  


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Plexus Holdings Plc

Price: £0.35

Market: AIM
Market Cap: £35.15 m
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