Plexus Holdings said it has agreed the terms of a conditional placing to raise £6million by way of placing more than nine million new ordinary shares.
The company said the move will strengthen its balance sheet during the current downcycle and provide Plexus with the flexibility to support capital requirements of its long term strategy.
The proceeds of the Placing will be applied across a number of the its areas of activity to ensure that Plexus is well placed to take advantage when sector activity resumes.
Plexus’ chief executive Ben van Bilderbeek said: “We view the successful raising of £6 million as testament to Plexus’ standing as the provider of superior POS-GRIP jack-up rental wellhead equipment to the international oil and gas industry, and I would like to thank those existing and new shareholders who have supported this initiative and who recognise the Company’s significant growth prospects, particularly as we begin to focus on moving into the significantly larger land and platform and subsea markets.”
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