Business
Disposal
Disposal.
About this update from Plexus Holdings
[{"type":"text","content":"\n Plexus Holdings Plc\n16 May 2007\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n\n\n\n16 May 2007\n\n Plexus Holdings PLC ('Plexus' or 'the Company')\n\n Sale and Assignment of Non-Core Share Option\n\n\n\nPlexus Holdings PLC, the AIM quoted oil and gas engineering services business\nand owner of the proprietary POS-GRIPTM method of wellhead engineering, has sold\nits option to acquire 50% of the shares in a private engineering company to\nAfrotel Corporation Ltd for £1,000,000 cash. The disposal of the share option\nincludes related interest free loans totalling £200,000, which on exercise of\nthe option would convert into the shares. This transaction results in an\n£800,000 profit on disposal for Plexus. The £1,000,000 net cash received by\nPlexus will be used as additional working capital, principally to invest in\nadditional inventory to support its sales growth. The unaudited short form\nmanagement accounts of the private engineering business for the financial\nyear-end 28 February 2007 reported that the business generated a trading profit\nafter tax of £286,000.\n\n\n\nPlexus CEO Ben van Bilderbeek said, 'I am pleased to announce the disposal of\nthis non-core asset, which has proven to be an excellent investment for Plexus.\nThe proceeds of the sale will principally be re-invested in additional inventory\nto accelerate the expansion of our overseas activities, where recognition for\nour proprietary method of engineering continues to gain momentum.\n\n\n\n'At the same time I can report that the Company is trading in line with the\nBoard's expectations.'\n\n\n\n * * ENDS * *\n\n\n\nFor further information please visit www.posgrip.com or contact:\n\nBen van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555\n\nGraham Stevens Plexus Holdings PLC Tel: 020 7589 8555\n\nKen Fleming Bell Lawrie Tel: 0141 221 7733\n\nIsabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477\n\nFelicity Edwards St Brides Media & Finance Ltd Tel: 020 7242 4477\n\n\n\nNotes\n\nPlexus Holdings PLC\n\nPlexus, which began trading on AIM in December 2005, is an established oil and\ngas engineering, and services business based in Aberdeen, with an office in\nLondon and a presence in Houston, Texas. It has developed and patented a method\nof engineering for oil and gas field wellheads and conne...