Plexus Holdings, the Aberdeen-based wellhead services business, is raising £3.5 million through an issue of shares to double its rental fleet.

The AIM-traded company will raise the funds via a placing, a subscription and a retail offer with an issue price of 6.5p per share, representing a 3% discount to the closing price of 6.7p on the record date.

Directors Ben van Bilderbeek, Jeffrey Thrall, Stas van Bilderbeek, Craig Hendrie and Mike Park intend to subscribe either personally or indirectly for a total of 30,246,151 subscription shares at the issue price, for a total sum of £2m.

The results of the placing will be announced as soon as practicable after the close of the bookbuild led by Cavendish Capital Markets,.The placing, subscription or retail Offer have not been underwritten by Cavendish or any other party.

The separate retail offer to investors aims to raise up to £0.5m before expenses.