Completion of the Disposal follows the signing of a conditional Business Purchase Agreement ("BPA") by Plexus, Plexus' subsidiary Plexus Ocean Systems Limited ("POSL") and TFMC
(as announced on 19 October 2017).
Cash rich, debt free balance sheet due to be further strengthened following completion of the sale of the jack-up exploration business to TFMC
with initial 15m cash consideration less certain adjustments payable on completion
To facilitate a smooth transition of the Jack-up Business, the parties will enter into a Transitional Services Agreement through which the Plexus Group will provide certain services to TFMC
on a transitional basis.
Before joining Schneider Electric South Africa, he handled major building portfolio clients like Telkom/ TFMC
and ABSA/ Barclays Africa, with stints as National Energy and Engineering Manager, guaranteeing that all old and new developments are in line with world-class engineering design protocols including high-energy efficiency and complete power management.
He is the former CEO of Thebe Tourism Group and Rheinmetal Denel Munition, as well as the COO at TFMC
, Chairman of Supercare Services Group and GM of Cape Town International Airport (from January 1998 to June 2004).