Confirmation of Reduction of Capital

RNS Number : 2730Y

Plexus Holdings Plc

08 May 2019

 

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil Equipment & Services

This announcement contains inside information

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

Confirmation of Reduction of Capital

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 the High Court of Justice in England and Wales (the "Court") made an order on 7 May 2019 confirming the cancellation of the Company's Share Premium Account under section 648 of the Companies Act 2006 (the "Court Order").

The Court Order and a statement of capital approved by the Court were subsequently registered with the Registrar of Companies for England and Wales, and accordingly, the Reduction of Capital is now effective.

Further details of, inter alia, the background to and reasons for the proposed cancellation of the Company's Share Premium Account are set out in the Circular. 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	Cenkos Securities PLC	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, a subsidiary of TechnipFMC (Paris:FTI, NYSE:FTI) (jointly "TFMC"), in early 2018, the Company is now focused on establishing its technology and equipment in other markets including surface production wellheads, subsea and de-commissioning. 

Its suite of ongoing products and applications include: "HG"™ Wellheads, which combine POS-GRIP Technology with Gas Tight metal sealing; the Python® Subsea Wellhead (a new standard for subsea wellheads - developed in a JIP supported by Royal Dutch Shell, BG (now owned by Shell), Wintershall, Total, Maersk (now owned by Total), Tullow Oil, eni, Senergy (now Lloyds register), and Oil States Industries Inc); the POS-SET™ Connector for the growing de-commissioning and abandonment market; and Tersus-PCT, an innovative HP/HT Tie-Back connector product.  Importantly, the Company also has a Collaboration Agreement with TFMC, which provides a platform to further develop and commercialise these and other applications based on its POS-GRIP technology.

 

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