18th Sep 2023 17:02
Plexus Holdings PLC - West Sussex-based engineering services provider - Enters loan agreements worth total GBP700,000. Explains proceeds will be used to provide additional working capital as it seeks to capitalise on a growing pipeline of opportunities and potential orders. Agrees GBP200,000 loan with Ben van Bilderbeek, chief executive, and a GBP500,000 loan with Plexus Property International Ltd, a company owned and controlled by OFM Ltd, a company in turn controlled by the van Bilderbeek family and related trusts. Notes the loans accrue interest at a rate of 8% per annum and the balance, plus any interest accrued, is repayable after 12 months.
Further, enters primary and secondary call option agreements with Ben van Bilderbeek and PPI which provide the lenders with the right to exercise an option to have their portion of the loans repaid in shares owned by Plexus Ocean Systems Ltd, in Kincardine Manufacturing Services Ltd, a precision engineering company in which Plexus holds a 49% stake. Adds this right expires after 12 months and applies for up to a maximum of 70% of POSL's 49% KMS shareholding. In the event that the lenders exercise the option at any time within 12 months, the secondary option agreement provides them with the right to acquire the remaining 30% of the KMS shares held by Plexus on the same terms for an additional period of six months.
Current stock price: 17.40 pence, up 17% in London on Monday
12-month change: up 709%
By Jeremy Cutler, Alliance News reporter
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