Business
Raised GBP6.83 Million
Raised GBP6.83 Million.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 4869U Plexus Holdings Plc 02 December 2013 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n2 December 2013\nPlexus Holdings PLC ('Plexus' or 'the Company')\n£6.83 million Share Placing \n \nPlexus 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 it has conducted a placing to raise, in aggregate, approximately £6.83 million before expenses by way of a placing of 2,787,624 ordinary shares of 1 penny each at a price of 245p per share (the 'Placing Price'). This comprises 1,020,408 new ordinary shares of 1 penny each which are being issued by the Company and 1,067,216 new ordinary shares of 1 penny each which are being sold following the exercise of share options by certain optionholders of the Company as described further below (together 'New Ordinary Shares'). In addition, conditional on admission of the New OrdinaryShares to trading on AIM (\"Admission\"), an existing shareholder of the Company as detailed below has sold 700,000 ordinary shares ('Existing Ordinary Shares') of 1 penny each to meet demand from new and existing institutional investors (the placing of New Ordinary Shares and Existing Ordinary Shares being collectively referred to as 'the Placing'). The Company's Nomad and Broker, Cenkos Securities plc conducted the Placing. \n \nPlexus intends to use the net proceeds of the Placing of the New Ordinary Shares which are being issued by the Company to support the Company's growth strategy, which continues to be focused on expanding both the international reach and the range of applications of its innovative POS-GRIP friction-grip oil and gas wellhead technology, known for its superior safety, time and cost saving attributes. Specifically, the net proceeds raised for the Company will be used to provide: \n \n• Financing of the second half of the HGSS™ subsea wellhead Joint Industry Project ('JIP') estimated to cost up to a further £1.5m to £2m to complete over the next 18 months. The funds raised for the HGSS project will enable existing working capital to be directed towards the on-going development and future implementation of a range of gr...