25 May 2012

Plexus raises £2m

17/01/2012 Robert Tyerman

Oil and gas engineering services specialist Plexus Holdings (POS) has tapped investors for £2 million of new money out of a £6.2 million placing.

The AIM-quoted company has been winning contracts internationally for its proprietary POS-GRIP wellhead technology, and says it has secured the money at 78p a share through broker Cenkos and will use the new funds to fund its Joint Industry Project.

The project, prompted by the Gulf of Mexico oil spill, is to develop and commercialise a new and safer underwater wellhead using POS-GRIP, together with consulting partners including Shell, Tullow Oil, and Danish group Maersk. Maersk has also provided £260,000 separately to develop and test another Plexus project, to allow exploration wellheads to be converted for use in production drilling.

The other £4.2 million of the placing is going to existing shareholders who are reducing their holdings 'to meet demand'. Chairman Robert Adair, who has given notice that he is to retire as chairman and as a director by 30 June, has sold his entire 4.37 per cent stake for £2.7 million.

Chief executive Ben van Bilderbeek declares that the 'highly positive response to the over-subscribed placing emphasises the investment community's growing confidence in Plexus's ability to become a leading specialist oil and gas wellhead services company'.

Last highlighted by Growth Company Investor in October at 70p, shares in Plexus now change hands at 85.5p, valuing the company at nearly £67 million and yielding 1.1 per cent.

Hold on.

Tags: AIM market, Ben van Bilderbeek, Maersk, Robert Adair, Wellhead technology

Sector: Oil Equipment, Services & Distribution

Companies: Plexus

Achieve impressive returns

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena

Click here

Achieve impressive returns on the go

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!

Institutional Investors in AIM 2011 - New Report

This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

If you're interested in business tax updates visit our specialist tax guide website.

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Acquisition   Acquisitions   Aim   Aim Market   Boardroom Moves   Breaking-even   British Technology   Cash   China   Commodities   Credit Crunch   Deals & Contracts   Debt   Dividend   Emerging Markets   Full List   Fundraisings   Gold   Growth Company   Growth Stocks   Loss Making   Main Market   Mergers & Acquisitions   New Issues   Penny Shares   Placing   Plus Markets   Profit Warning   Restructuring   South Africa   Speculative Punts   Technology   Trading Update   Turnaround   Undervalued  

Latest News

Gulf starts at Sheikh Adi-2 25/05/2012

Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.

Tags: Doing business in Iraq, Drilling on AIM, Oil on AIM

Sector: Oil & Gas Producers

Companies: Gulf Keystone Petroleum

Shell considers Cove 24/05/2012

Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.

Tags: Bid trumped, Doing business in Mozambique, Oil giants on AIM, Takeovers and bids

Sector: Oil & Gas Producers

Companies: Royal Dutch Shell 'A' , Cove Energy

Roxi reaches 1,360 metres 23/05/2012

Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.

Tags: AIM ventures, Doing business in Kazakhstan, Oil on AIM

Cluff Natural Resources joins AIM 22/05/2012

Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.

Tags: Entrepreneurs on AIM, Gold mining, Oil and gas on AIM

Red Emperor exercises Shabeel 21/05/2012

Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.

Tags: Business in the Puntland, Doing business in Somalia, Drilling for oil & gas, Oil on AIM

Sector: Oil & Gas Producers

Companies: Red Emperor Resources

Heritage happy in Iraq 18/05/2012

Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.

Tags: Doing business in Iraq, Oil on the full list, Oil production, Target depth

Sector: Oil & Gas Producers

Companies: Heritage Oil

More News

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Financial Services   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology