REG - Plexus Holdings Plc - Succession Board Changes

Plexus HoldingsAnnouncement

01/07/2024 07:00

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RNS Number : 4663U  Plexus Holdings Plc  01 July 2024

Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment &
services

 

This announcement contains inside information.

 

1(st) July 2024

 

 

 

 

Plexus Holdings PLC

('Plexus' or 'the Company')

 

Succession Board Changes

 

Plexus Holdings PLC, the AIM quoted oil and gas engineering services business,
owner of the proprietary POS-GRIP® friction-grip method of wellhead
engineering, known for its safety, time and cost saving capabilities, advises
a number of changes to its Board of Directors.

 

After more than 50 years in the industry and 19 years as CEO of the Company
that he founded, Ben van Bilderbeek has retired as CEO of Plexus and moved to
the position of Non-executive Chair. He replaces Jeff Thrall who has been
Chair since 2012 and will remain on the board as a Non-executive Director.

 

Craig Hendrie, who has been with Plexus for over 25 years, including 19 years
as Technical Director, has been appointed as CEO of the Company. Mr. Hendrie
has a strong engineering background and was instrumental in the development,
testing and analysis of the original POS-GRIP products. More recently, he has
been involved in day-to-day activities as a Director of Plexus Ocean Systems
Limited in Aberdeen.

 

In addition, after 19 years with the Company, Graham Stevens has retired as
Finance Director and stepped down from the board.  He is replaced on the
board by Mike Park who has been appointed as Chief Financial Officer. Mr. Park
has been an employee of Plexus for 20 years and was previously a Director and
Financial Controller of Plexus Ocean Systems Limited.

 

In a further addition to the board, Anastasio (Stas) van Bilderbeek has been
appointed as an Executive Director and will be responsible for engagement with
existing and prospective shareholders as well as assisting with, and
implementing, company strategy and business development.

 

As part of this succession plan, and to ensure a seamless transition process,
both Ben van Bilderbeek and Graham Stevens will stay on as full-time employees
of the Company for six months to assist the new board as required.

 

The new CEO Craig Hendrie said: "I am immensely proud and grateful for the
opportunity to step up to become CEO of Plexus and congratulate my fellow
board members, Mike Park and Stas van Bilderbeek, on their appointments. We
look forward to updating the market with our goals and strategic plans in the
coming months.

 

"I would like to take this opportunity to thank the outgoing board members and
reflect on their contributions to the Company over many years.

 

"Ben van Bilderbeek has had a remarkable career and his contribution as the
founder of Plexus and inventor of our proprietary POS-GRIP® method of
engineering is immense. Ben has always been a passionate innovator at heart,
and has introduced products such as the Adjustable Wellhead, and POS-GRIP "HG"
Seal technology to the industry, whilst making a priority of pursuing safer
practices and leak-proof solutions. He has led the Company through various
challenges and opportunities such as industry downturns, Russian sanctions and
the COVID pandemic, and has always remained confident in the Company and its
technology and continued to personally back it at every opportunity. Ben has
always emphasised the importance of making oil and gas production greener and
safer. He has been a long term advocate of leak-free, ESG and net
zero-friendly practices even before they became mainstream. This approach has
been at the heart of Plexus for 40 years.

 

"Graham Stevens was instrumental in preparing the Company for AIM Admission
back in 2005.  Since then, he has worked tirelessly to drive the business
forward, manage regulatory and compliance matters, foster relationships with
key stakeholders, and coordinate several key strategic transactions. His
support has been instrumental to Ben and the team.

 

"We look forward to continued support from Ben from his role as Chair, from
Jeff who will continue as a Non-executive Director, and from Graham who will
assist us over the next six months. On behalf of the board, I would like to
wholeheartedly thank Ben, Jeff and Graham, and wish them well for the future."

**ENDS**

 

For further information please visit www.plexusplc.com
(http://www.plexusplc.com) or contact:

 

 Plexus Holdings PLC                Tel: 01224 774222

 Craig Hendrie, CEO

 Mike Park, CFO

 Cavendish Capital Markets Limited  Tel: 0131 220 6939

 Derrick Lee

 Adam Rae

 St Brides Partners Ltd             plexus@stbridespartners.co.uk

 Isabel de Salis

 Paul Dulieu

 

The following disclosures are made  pursuant to Schedule 2 paragraph (g) of
the AIM Rules.

Michael (Mike) George Park, aged 57, holds the following directorships /
partnerships:

 

 Current Directorships / Partnerships  Former Directorships / Partnerships

                                       (within the last 5 years)
 Plexus Limited                        None
 Plexus Applied Technologies Limited
 Plexus Ocean Systems Limited

 

Anastasio (Stas) Johan Michael James van Bilderbeek, aged 49, holds the
following directorships / partnerships:

 

 Current Directorships / Partnerships     Former Directorships / Partnerships

                                          (within the last 5 years)
 Burnside House Limited                   None
 Borough Homes (London) Limited
 Bilderbeek Limited
 11-17 Stafford Terrace Freehold Limited
 Plexus Property International Limited

 

Stas van Bilderbeek is interested in a total of 173,613 shares in the Company,
representing  0.165 per cent of the Company's issued share capital.

 

There are no further disclosures required to be made pursuant to Schedule 2
paragraph (g) of the AIM Rules.

 

NOTES

Plexus Holdings plc (AIM: POS)

Plexus is an IP led company focussed on establishing its patented leak-proof
POS-GRIP® wellhead and associated equipment as the go-to technology for
energy markets whilst making a genuine contribution to the oil and gas
('O&G') industry's ESG and NetZero goals by championing "through the BOP"
(Blow-out Preventer) designs, and lifetime leak-proof HG® metal-to-metal
sealing systems. Having protected the environment for many years through these
technological innovations, the Company was awarded the London Stock Exchange's
Green Economy Mark in July 2021 and continues to place emphasis on its ability
to reduce harmful methane emissions and unnecessary maintenance and
intervention costs.

 

Headquartered in Aberdeen, the Company has provided leak-free wellhead
performance in over 400 wells worldwide and worked with an array of blue-chip
O&G company clients.  As well as generating direct revenues from securing
orders for surface production wellheads in the UK and European North Sea
regions, the Company has several licencing/collaboration agreements with major
partners including SLB and TechnipFMC.

 

Notably, the agreement with SLB was expanded in December 2023 (see RNS
2.1.2024) for a cash consideration payable to Plexus of US$5.2m to enable SLB
to use certain POS-GRIP technology including HG® seal technology for standard
surface wellhead applications for all pressure and size ranges on a worldwide
basis. The in-perpetuity royalty free licence scope includes O&G surface
production and storage applications, as well as CO(2) storage ('CCS') and
hydrogen storage, and water and cuttings injection. The Agreement also
includes a non-exclusive licence to SLB for Adjustable Surface Production
Wellheads, and HG Trees with the potential to generate royalties for Plexus
from such special applications of the POS-GRIP technology.  Plexus may also
quote customers for SLB Valves and Trees combined with Plexus wellheads on a
project basis subject to SLB approval where a full package of equipment is
required. Plexus retains the original IP, and the intention is that Plexus
continues to operate in the surface production wellhead sector on a limited
basis, as an innovative and specialised wellhead equipment supplier, whilst
also pursuing opportunities in exploration rental wellheads from Jack-up rigs,
subsea, connectors (such as metal sealing HP/HT Tie-Back applications),
P&A, special applications, geothermal, hydrogen and all non-oil and gas
applications.

 

The Company also has a separate exploration wellhead equipment related
licensing arrangement with SLB subsidiary Cameron, which has enabled Plexus to
re-enter the Jack-up Exploration (Adjustable) Rental Wellhead market, with
Cameron providing manufacturing support and assisting in sales leads
generation in return for a licence royalty fee.

 

Plexus' current suite of products include Exact-15 exploration rental
wellheads, Adjustable HG surface production wellheads, which combine POS-GRIP
technology with gas tight leak free metal-to-metal sealing; the Python®
subsea wellhead, developed in a Joint Industry Project with several industry
leaders; the POS-SET™ Connector for the de-commissioning and P&A market;
and Tersus-PCT, an innovative HP/HT tie back connector product.

 

Having proved the superior uniquely enabling qualities of POS-GRIP Technology
both organically and with licencees, Plexus is now focused on establishing its
technology and related equipment in other markets and sectors both in the
UKCS, ECS and around the world where the directors believe it can play an
important role in reducing harmful fugitive methane emission risks as
operators strive to deliver on ESG commitments and NetZero goals in a safe and
cost-effective way.

 

For more information visit: https://www.plexusplc.com/
(https://www.plexusplc.com/)

 

 

 

 

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