Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Plexus Holdings repays chunk of 2022 loan notes

(Sharecast News) - Oil and gas engineering service company Plexus Holdings updated the market on the 1,550,000 convertible loan notes issued in October 2022 on Wednesday, having repaid a large portion of them. The AIM-traded firm issued the notes at £1 each to raise £1.55m.

It said the loan notes were distributed to various entities, including OFM Investment, connected to the van Bilderbeek family; Plexus chief executive officer Ben van Bilderbeek; and non-executive director Jeff Thrall.

The issue of the notes bolstered the company's working capital, and enabled it to capitalise on the growing opportunities in its markets, particularly its re-entry into the exploration wellhead rental from jack-up rigs market, where it holds a licensing partnership with SLB.

They had a two-year term, and could be repaid in cash or converted into new ordinary shares in Plexus subject to certain conditions.

After discussions with the noteholders, Plexus said it had decided to redeem notes with a total value of £0.85m, as per the terms of the loan notes.

The redemption involved a cash payment of the principal amount plus interest amounting to 20% of the principal sum, totalling £1.02m.

Following the redemption, there were now 700,008 loan notes outstanding.

Additionally, Plexus said it had received a cash payment of $5.2m from SLB, in accordance with a new IP licence agreement signed on 2 January.

At 1550 GMT, shares in Plexus Holdings were up 3.1% at 15.98p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.