News blog

Plus Markets Group

  • BY: Andrew Hore |
  • POSTED: 29/12/2011 |

Plus Markets Group has rejected an approach for its 80% stake in the new Plus Derivatives Exchange (Plus-DX). 

Clive Connors, who was made managing director of Plus-DX, was sacked on 19 December.  According to the Financial News, Connors owns the intellectual property to the indices (FTSE MTIRS), which are a benchmark for interest rate swaps.

Plus Markets says that the offer was unattractive and did not reflect the value of the business. The bid is said to have valued Plus-DX at £1.25m. The potential buyer still wanted Plus Markets to contribute resources and cash over a transitional period.

The strategy of Plus-DX is being reassessed but the launch is still going ahead. Fixed-income broker Vantage Capital Markets is the only client to sign up so far.

At 1.18p a share, Plus Markets is valued at £4.55m. There was cash of £4.6m at the end of June 2011 but there will have been a further outflow since then.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds