Plexus Holdings PLC (AIM:POS) has secured £700,000 worth of funding to support operations as anticipation builds over new contracts and opportunities.
Some £500,000 of the loan comes from Plexus Property International Limited, with a further £200,000 being granted by chief executive Ben van Bilderbeek, Plexus said in a statement.
“The funding [will] be used to provide additional working capital for the company as it seeks to capitalise on its growing pipeline of opportunities and potential orders,” Plexus added.
AIM-listed Plexus, which owns the POS-GRIP wellhead engineering method, announced an increase in the value of one of its major contracts last month, with new funding set to support further rollout of the cheaper and safer technology.
Lenders can opt to be reimbursed with shares in engineering firm Kincardine Manufacturing Services Ltd, of which Plexus holds 49%, when repayment is due after 12 months, it added.