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30 Apr 2007 07:00
Regulatory announcement to be released via PR Newswire
PLUS Markets Group plc30 April 2007"Re Contract"
PLUS Markets Group plc ("PMG") confirms it has entered into an agreement with OMX Technology Ltd, a subsidiary of OMX AB ("OMX"), under which OMX will provide technology to PLUS to support its enlarged market offering.
PMG proposes to expand its trading services to allow investment firms to meet their execution, reporting and transparency needs in an efficient and cost-effective manner. PMG's enlarged market offering will provide investment firms with on- and off- exchange quote-driven services.
The technology to be provided under the agreement comprises a highly scalable trading platform, combined with an integrated market surveillance solution.
This follows the announcement made by PMG on 13 December 2006 in which the Company issued equity via a placing to raise ‚£25m, the use of which was stated to include improving the company's technology infrastructure ahead of MiFID.
The total value of the contract is ‚£6.7m, to be paid out of the proceeds of the recent placing and expected future cash flows. There is a severance charge of ‚£0.5m at the end of three years if PMG does not continue the contract for a further two years.
PMG has already begun its integration exercise with key participants in the PLUS market with a view to the launch of its enlarged market offering in time for the implementation of MiFID on 1st November 2007.
For further information, please contact:
Brian Taylor / Nemone Wynn-Evans 020 7553 2000PLUS Markets Group plcJohn Parry 020 7490 8062Rostron Parry (PR enquiries)Nick Westlake 020 7260 1000
Numis Securities Ltd (Nominated Adviser)
PLUS Markets Group plc
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