Last checked at 19 Sep 2012 07:00
For immediate release 19 September 2012
PLUS Markets Group plc
(the "Group" or the "Company")
Disposal of PLUS Derivatives Exchange Limited
The Company announces that it has agreed, subject to regulatory approval and other customary conditions, to dispose of PLUS Derivatives Exchange Limited ("PLUS-DX"), its wholly-owned subsidiary which was set up to provide derivative-related services, to Pipeline Capital Inc ("Pipeline") (the "Disposal"). The consideration payable on completion of the Disposal is a nominal cash amount of £10,000 which will be used for general working capital purposes by the Company.
As PLUS-DX is an FSA regulated entity, the Disposal is subject to agreement, for the change of control, from the FSA.
PLUS-DX has no attributable profits and is loss making.
Clive Connors, a director of Pipeline, was a director of PLUS-DX until 19 December 2011. The Disposal, therefore, constitutes a related party transaction under the AIM Rules for Companies (the "AIM Rules"). The directors of the Company, having consulted with the Company's Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. The Nominated Adviser has taken into account the directors' reasonable commercial judgement.
Following completion of the Disposal, the Company will no longer have any subsidiary companies and is an Investing Company under the AIM Rules. The Company intends to present details of its investing policy for shareholder approval at a general meeting, notice of which is expected to be given shortly following the release of the Company's interim results, which are due to be released before the end of the month.
For further information, please contact:
PLUS Markets Group plc +44 20 7440 0640
Don Strang
N+1 Brewin (Nominated Adviser and Broker) +44 20 3201 3710
Aubrey Powell / Alex Wright