Plexus Holdings PLC (AIM:POS) has successfully executed two option agreements, the company said in a recent update.
The option agreements (a Primary and a Secondary option) initially disclosed on September 18, 2023, related to loan agreements totaling £700,000 with Lenders Ben van Bilderbeek and Plexus Property International Ltd (PPI).
The lenders have now exercised both the primary and secondary options, entitling them to have transferred to them 49% of shares held by Plexus Ocean Systems Limited (POSL) in Kincardine Manufacturing Services Limited (KMS).
In return, Plexus has now received a further cash payment of £300,000 associated with the Primary option, in addition to the original £700,000 associated with the Secondary option.
The sale of this non-core asset has now injected a total of £1 million into Plexus's working capital. This financial boost positions the company strategically as it pursues opportunities and potential orders, particularly in the rapidly expanding decommissioning sector.
Plexus aims to leverage its technology for the safe and permanent plug and abandonment of wells as well as pursuing core activities including exploration wellheads rental.