Plexus Holdings Plc Director/PDMR Shareholdings (7591I)
July 08 2013 - 2:00AM
UK Regulatory
TIDMPOS
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(R)
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: 020 7795 6890
Graham Stevens Plexus Holdings PLC Tel: 020 7795 6890
Jon Fitzpatrick Cenkos Securities PLC Tel: 020 7397 8900
Ken Fleming Cenkos Securities PLC Tel: 0131 220 6939
Felicity Edwards St Brides Media & Finance Tel: 020 7236 1177
Ltd
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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