Director/PDMR Shareholdings

RNS Number : 7591I

Plexus Holdings Plc

08 July 2013

 



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

8 July 2013

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

Director/PDMR Shareholdings

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 Mutual Holdings Ltd* ('Mutual') advised the Company on 4 July  2013 that Barclays Private Bank & Trust Limited ('Barclays') has released its security over 16,000,000 ordinary shares in the Company owned by Mutual. These shares were part of a total shareholding of 58,700,001 ordinary shares in the Company which have been used as security for the provision of a flexible loan facility from Barclays to Mutual.

The 16,000,000 ordinary shares which have been released from security with Barclays are being transferred for no consideration to OFM Investment Limited* ('OFM') which represents no change in the ultimate beneficial owner as both Mutual and OFM are owned and controlled by OFM Holdings Ltd.  OFM has in turn entered into an arrangement with Union Bancaire Privée ('UBP'), whereby OFM has pledged 16,000,000 ordinary shares to be used in part as security for the provision of a flexible loan facility from UBP.  OFM has advised Plexus that the flexible loan (which has not yet been drawn down in whole or in part) has been secured on 11,000,000 ordinary shares of the 16,000,000 ordinary shares released.

* Ben van Bilderbeek, Director, is one of the beneficiaries of a trust which controls 70.875% of the shares of Mutual Holdings Limited. Jeffrey Thrall, Director, in addition to his own beneficial interest of 700,000 ordinary shares held by Thrall Enterprises, has an indirect beneficial interest in a company which controls 23.625% of Mutual Holdings Limited. Ben van Bilderbeek is also one of the beneficiaries of a trust which controls 100% of the shares of OFM Investment Ltd. 

**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]
Jon Fitzpatrick	Cenkos Securities PLC	Tel: [phone]
Ken Fleming	Cenkos Securities PLC	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

Notes to Editors:

Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering and services business which supplies wellhead and mudline suspension equipment for exploration and production applications based in Aberdeen, with an office in London, Cairo, Kuala Lumpur and a presence in Houston, Texas. It has developed and patented a 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.

POS-GRIP wellhead systems have to date been used or selected to be used in over 150 oil and gas wells by international companies including Apache Energy Australia, BHP Billiton, BG International, Bowleven plc, BP, Brunei Shell Petroleum, Cairn Energy, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy Limited, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.

The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology.  It has particular advantages in HP/HT (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.

 

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