Plexus Holdings PLC (AIM:POS) Is launching an equity funding, to bring in up to £3.5 million of new investment, as it looks to expand its fleet of rental equipment for its customers.
It is running a placing, as well as a retail offer and direct share subscription.
Through the placing and subscription will raise £3 million with 46.15 million new shares issued at 6.50 pence per share, a 3% discount to the last closing price, and the retail offer will aim to raise a further £500,000.
Proceeds are earmarked to manufacture eight additional wellhead sets, doubling the firm’s rental fleet.
Today, Plexus also noted the conversion of loan notes into 13.46 million new shares.
At the same time, it provided a trading update that highlighted a return to profitability, driven by growth in its Jack-up rental wellhead business and revenue from a large special project.
The company confirmed trading this year is in line with market expectations, and it ended its first half (to 31 December) with a £1.3 million cash position.
Plexus sees strong demand for Jack-up rental wellheads, supported by expected higher rig rates in the coming years. Management has identified a £59 million sales pipeline, with £27 million in potential revenue for the 2026 financial year and £32 million in 2027.