Amendment to Share Option Scheme

RNS Number : 6175S

Plexus Holdings Plc

10 July 2015

 



10 July 2015

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

Amendment to

Plexus Holdings plc 2005 Share Option Scheme

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 on 9 July 2015 the Board of Plexus approved certain amendments to the rules of the Plexus Holdings plc 2005 Share Option Scheme (the "Plan") such that the Company is permitted to extend the exercise period for options granted under the Plan by a further ten years. The Board believes that these amendments will enable the Plan to continue to incentivise key employees in the future whilst minimising the dilution which would result in the further grant of option awards in the medium term.

Subsequently, on 9 July 2015, the Company entered into deeds of amendment with Ben van Bilderbeek, Graham Stevens, Craig Hendrie, all of whom are Directors of Plexus, in respect of options granted to them on 9 December 2005 under the Plan ("2005 Options"), to enable each holder to exercise 2005 Options up until 8 December 2025, subject to the terms of the Plan Rules.

The Directors' interests in the issued share capital of the Company and pursuant to the Plan, as amended, are set out below:

Executive 2005 Share Option Scheme	Number of Ordinary Shares of 1p each held	Number of Options held	Date of Grant	Expiry date	Exercise Price (£)
Ben van Bilderbeek ²	58,700,001	194,152	09-Dec-05	08-Dec-25	0.59
Ben van Bilderbeek ²		65,902	20-Jun-07	19-Jun-17	0.385
Ben van Bilderbeek ²		332,110	17-Dec-09	16-Dec-19	0.41
Ben van Bilderbeek ²		169,642	25-Mar-11	24-Mar-21	0.6
Graham Stevens	15,100	138,407	09-Dec-05	08-Dec-25	0.59
Graham Stevens		43,177	20-Jun-07	19-Jun-17	0.385
Graham Stevens		217,795	17-Dec-09	16-Dec-19	0.41
Graham Stevens		101,042	25-Mar-11	24-Mar-21	0.6
Craig Hendrie	12,600	254,407	09-Dec-05	08-Dec-25	0.59
Craig Hendrie		43,177	20-Jun-07	19-Jun-17	0.385
Craig Hendrie		217,795	17-Dec-09	16-Dec-19	0.41
Craig Hendrie		105,853	25-Mar-11	24-Mar-21	0.6
Non-executive 2005 Share Option Scheme	Number of Ordinary Shares of 1p each	Number of Options held	Date of Grant	Expiry date	Exercise Price (£)
J. Jeffrey Thrall ¹	42,704,001	40,169	09-Dec-05	08-Dec-25	0.59
Geoff Thompson	-	100,000	08-Jun-10	07-Jun-20	0.6
Christopher Fraser	10,000	100,000	05-Jul-12	04-Jul-22	1.18
Charles Jones	-	-	-	-	-

1. J. Jeffrey Thrall, has an indirect beneficial interest in a company which controls 32.477% of Mutual Holdings Limited. The number of shares held by Mutual Holdings Limited in the Company at 30 June 2014 was 42,700,001. Additionally, J. Jeffrey Thrall holds 4,000 shares directly.

2. Ben van Bilderbeek is one of the beneficiaries of a trust which controls 59.962% of the shares of Mutual Holdings Limited and the entire issued share capital of OFM Investment Limited. At the date of this report, Mutual Holdings Limited held 42,700,001 shares and OFM Investment Limited held 16,000,000 shares.

For further information please visit www.posgrip.com or contact:

Ben van Bilderbeek	Plexus Holdings PLC	Tel: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Derrick Lee	Cenkos Securities PLC	Tel: [phone]
Nick Tulloch	Cenkos Securities PLC	Tel: [phone]
Felicity Winkles	St Brides Partners Ltd	Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]

NOTES:

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.

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. 

 

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