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Plexus shareholders back buyback deal with Russian partner Gusar

The proceeds of the buyback will allow Gusar to finance the purchase of two POS-GRIP jack-up exploration wellhead systems from Plexus
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Shareholders unanimously voted in favour of the proposal at a general meeting

Plexus Holdings PLC (LON:POS) shareholders have approved a deal to buy back 4.95mln of its shares currently held by Russian-focused partner Gusar for £2.5mln of cash.

The shares were priced at 50.5p each. The proceeds will allow Gusar to finance the purchase of two POS-GRIP jack-up exploration wellhead systems from Plexus.

READ: Plexus Holdings to expedite Russia push with new Gusar transaction 

Plexus said the wellhead systems and associated equipment will be shipped to Gusar once the buyback is completed.

Shareholders unanimously voted in favour of the proposal at a general meeting on Friday.

When the deal was announced last month, Plexus chief executive Ben Van Bilderbeek said: “Plexus sees the share buyback as a practical and positive move that enables the acceleration of the delivery of the equipment into Russia, and positions Gusar ready to fulfil anticipated rental wellhead exploration orders in Russia, one of the world's three major hydrocarbon producers.”

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