Plexus Holdings PLC - AIM-quoted oil and gas engineering services business headquartered in Aberdeen - Updates with regards to the previously announced loan and option agreements. Alongside the loan agreements, which had a total value of £700,000, the company entered into primary and secondary call option agreements with Ben van Bilderbeek and Plexus Property International Ltd.

These agreements provided the lenders with the right to exercise a primary option to have their portion of the loans repaid in shares owned by Plexus Ocean Systems Ltd in Kincardine Manufacturing Services Limited, a precision engineering company in which Plexus holds a 49% interest.

Now confirms that the lenders have elected to exercise the primary and secondary options and will be issued with the 49% of shares held by POSL in KMS in return for a further cash payment of £300,000 to Plexus; this is in addition to the original £700,000 loan funds associated with the primary option.

The sale of this non-core asset has now generated a total of £1 million of additional funding which will be used to provide additional working capital for the company.

Current stock price: 19.11 pence

12-month change: up 933%

Copyright 2023 Alliance News Ltd. All Rights Reserved.