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About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 5249C Plexus Holdings Plc 28 June 2016 \n\n \n \nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n 28 June 2016\n \n \nPlexus Holdings PLC (\"Plexus\" or \"the Company\")\nResult of General Meeting &\nUpdate on progress in relation to equipment supply opportunities within Russia\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 all resolutions proposed at the General Meeting of the Company (the \"Resolutions\"), held earlier today, were duly passed.\n \nBackground\nThe Company announced on 13 June 2016 the agreed terms of a conditional placing to raise £6,000,000 before expenses (the \"Placing\"), through the issue of 9,230,770 new Ordinary Shares (\"Placing Shares\") at a price of 65 pence per Ordinary Share to new and existing investors. \n \nThe Placing is intended to strengthen Plexus' balance sheet during the current down cycle and to provide Plexus with the flexibility to support the capital requirements of its long term strategy of becoming a leading international oil and gas services company, supplying a new and superior standard of wellhead equipment and associated products for exploration, production and subsea applications.\n \nThe proceeds of the Placing will be applied across a number of the Company's areas of activity to ensure that Plexus is well placed to take advantage when sector activity resumes. In particular, the Board believes that the net proceeds of the Placing will enable Plexus to:\n \n· pursue existing global opportunities (beyond the Company's on-going North Sea operations) and to continue to support Plexus' target activities in new regions - Asia, Russia and North/South America;\n· progress the Python Subsea Wellhead development programme towards a target trial before the end of 2016;\n· support on-going development of POS-GRIP product suite (including production and subsea applications);\n· strengthen Plexus' working capital position during the down cycle; and\n· channel targeted R&D spend towards comple...