Plexus Holdings Plc Result of General Meeting (8866O)
01 Febrero 2019 - 9:11AM
UK Regulatory
TIDMPOS
RNS Number : 8866O
Plexus Holdings Plc
01 February 2019
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
1 February 2019
Plexus Holdings PLC ('Plexus' or 'the Company')
Result of General Meeting
Plexus Holdings PLC, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R)
friction-grip method of wellhead engineering, is pleased to
announce that the resolution put to shareholders (the "Resolution")
at the General Meeting of the Company held earlier today was passed
unanimously on a show of hands without a poll of votes being
demanded.
Following the passing of the Resolution, the Company will
proceed with the proposed acquisition of 4,950,495 Ordinary Shares
(the "Buyback Shares") beneficially held by LLC Gusar (OOO Gusar)
Ltd ("Gusar"), by way of an off-market buyback at an aggregate
price of GBP2,500,000 representing a price of 50.5 pence per
Ordinary Share (the "Buyback").
As previously notified, following completion of the conditions
in the Buyback Agreement, settlement of the Buyback is expected to
occur within two business days. Once settlement has occurred and
the Buyback Shares have been transferred to the CREST account of
the Company, the wellhead systems and associated equipment will be
shipped to Gusar pursuant to the terms of the Equipment Supply
Agreement. The Company will provide shareholders with an update on
progress with these matters in due course.
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: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Derrick Lee Cenkos Securities PLC Tel: 0131 220 6939
Beth McKiernan Cenkos Securities PLC Tel: 0131 220 6939
Frank Buhagiar St Brides Partners Ltd Tel: 020 7236 1177
Isabel de Salis St Brides Partners Ltd Tel: 020 7236 1177
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(TM) 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(TM) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMLLFIEFTILIIA
(END) Dow Jones Newswires
February 01, 2019 10:11 ET (15:11 GMT)
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