Fox Williams LLP acted for Plexus Holdings plc (the “Company”) on its recent £6million placing of new ordinary shares (the “Placing”). The Placing comprised the issue of 9,230,770 new ordinary shares of 1p each.
The Company is an AIM listed oil and gas engineering services business and owns the proprietary POS-GRIP® friction-grip method of wellhead engineering. POS-GRIP jack-up exploration wellhead equipment has now been used on over 350 oil and gas wells drilled by blue chip international companies around the world, and Plexus is now pursuing a strategy of expansion into surface land and platform production wells, and also exploration and production subsea wells.
The Placing will strengthen Plexus’ balance sheet during the current down cycle and 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. The proceeds of the Placing will be applied across a number of the Company’s areas of activity to ensure that it is well placed to take advantage when activity in the oil and gas sector picks up.
The Company’s Nomad and broker, Cenkos Securities plc, conducted the Placing and was advised by Murray Maclay & Spens LLP.
Graham Stevens, finance director of the Company, commented “We were pleased to successfully complete this Placing, especially as the process bridged the Brexit referendum period, and involved the added complexity of the need for an EGM. Fox Williams provided excellent advice and guidance throughout to the Plexus board.”
Paul Osborne, senior partner at Fox Williams LLP, led the transaction and was assisted by legal director Sean Williams and trainee solicitor Dorotea Sikorska.
Paul Osborne said “The Placing received great support from both new and existing shareholders and represents a vote of confidence in the Company’s growth potential. We are delighted to have successfully completed this equity fund raise.”
