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29 Dec 2011 12:52
PLUS Markets Group plc
29 December 2011
Update on PLUS Derivatives Exchange Limited
In response to press speculation earlier today PLUS Markets Group plc ("PLUS" or the "Company") confirms that on 9 December 2011 it received an approach for its majority stake in the Company's subsidiary PLUS Derivatives Exchange Limited ("PLUS-DX").
PLUS-DX represents an important part of the Company's growth strategy and the approach was therefore unattractive at a strategic level nor did it recognise the current or future value of the unit. The other party was also seeking for PLUS to contribute significant resources and funding to PLUS-DX over a transitional period following the proposed acquisition of PLUS's stake in PLUS-DX.
PLUS also confirms the departure of Clive Connors, formerly managing director of PLUS-DX. Mr. Connors' employment was terminated by PLUS on 19 December 2011.
The Board has taken the decision to revisit PLUS-DX's strategy in response to the requirements of stakeholders and prospective customers and to facilitate its launch in the context of a financial crisis within the Euro zone and worldwide economic uncertainty.
The Board remains committed to launching PLUS-DX and intends to recruit additional staff from inter dealer broker backgrounds to support its strategy for PLUS-DX. PLUS confirms the appointment of Vijay Angelo as a consultant to PLUS-DX. Vijay has over twenty years' financial services derivatives experience and has worked at a number of renowned institutions.
For further information, please contact:
PLUS Markets Group plc
Cyril Th©ret +44 20 7429 7800
Brewin Dolphin Limited (Nominated Advisor and Broker)
Robert Beenstock +44 845 213 1000
Greentarget (Public Relations)
Jeff Watt +44 20 7324 5482
END
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