Completion of Share Buyback Transaction

RNS Number : 1539P

Plexus Holdings Plc

05 February 2019

 

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services

5 February 2019

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

Completion of Share Buyback Transaction

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, following the passing of the Resolution at the General meeting of Plexus held on 1 February 2019, the Company has now completed the acquisition of 4,950,495 Ordinary Shares (the "Buyback Shares") beneficially held by LLC Gusar (OOO Gusar).

The Buyback Shares have been transferred to the CREST account of the Company and will be held in treasury and will not rank for any future dividends and no voting rights will be exercised in respect of such Ordinary Shares.

Following the above transaction, the Company's issued share capital comprises 105,386,239 Ordinary Shares, of which 4,950,495 Ordinary Shares are held in treasury. The Company now has a total of 100,435,744 Ordinary Shares in issue with voting rights. This figure, 100,435,744, should be used by shareholders as the denominator when determining whether they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Further details of, inter alia, the background to and reasons for the Buyback are set out in the notification made by the Company on 14 January 2019, and in the circular which was posted to shareholders shortly thereafter. 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: [phone]
Graham Stevens	Plexus Holdings PLC	Tel: [phone]
Derrick Lee Beth McKiernan	Cenkos Securities PLC Cenkos Securities PLC	Tel: [phone] Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]
Isabel de Salis	St Brides Partners Ltd	Tel: [phone]

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 ("FMCT"), a subsidiary of TechnipFMC (Paris:FTI, NYSE:FTI), in early 2018, the Company is now focused on establishing its technology and equipment in other markets including surface production, subsea and de-commissioning. 

Its suite of new products and applications includes: the Python™ Subsea Wellhead (a new standard for subsea wellheads - supported by BG, Royal Dutch Shell, Wintershall, Maersk, Total, Tullow Oil, eni, Senergy, and Oil States Industries Inc); the POS-SET™ Connector for the growing de-commissioning and abandonment market; HP/HT dual marine barrier risers which provide an efficient, safe and cost effective solution for use on jack-up rigs; an innovative HP/HT Tie-Back connector product; and a new Well Tree product.  Importantly, the Company has a Collaboration Agreement with TFMC, which provides a platform to seek to further develop and commercialise these and other applications utilising POS-GRIP technology.

 

END

 

 

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