News blog
Plus Markets Group
- BY: Andrew Hore |
- POSTED: 06/09/2009 |
Middle East-based Amara Dhari Investments is taking a stake in Plus Markets Group.
It has agreed to subscribe for up to 73.3m at 7.5p each. That would raise £5.5m. The subscription has to raise at least £5m to go ahead.
Amara Dhari has been formed by a syndicate of Middle East investors. Plus Markets is expanding overseas and is targeting the Gulf Cooperative Council in particular. This deal will help to promote Plus in the Middle East and Amara Dhari will introduce business to the market. The company’s shareholders are involved with real estate, construction, insurance, banking and brokerage. If it introduces enough business it will be able to exercise warrants to subscribe for shares at 5p each. That would raise another £2.9m.
Ahmed Ibrahim Al Asfour and Hisham S. Al Otaibi are joining the Plus Markets board. Giles Vardey and Ian Salter are stepping down.
Qatar Consulting Company will receive an arrangement fee of £275,000, which will be used to subscribe for 3.67m Plus Markets shares.
Plus-traded started trading in all Aim shares on 21 August 2009. Plus Markets intends to introduce incentives for market makers to use the Plus-traded platform. Plus Markets is losing money and is in the process of cutting costs.
Plus Markets had £14.8m of cash in the bank at the end of 2008 but the subsequent cash outflow means that Plus Markets needs to increase its regulatory capital. Interim figures are due in the next few weeks.
At 7p a share, Plus Markets is valued at £22.2m.
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