ICAP PLC (IAP) - Further re Acquisition of PLUS Stock Exchange plc
RNS Number : 3888F
14 June 2012
Further re. Acquisition of PLUS Stock Exchange plc
London, 14 June, 2012 - ICAP plc, the world's leading interdealer broker,
notes the recent press coverage regarding its agreement to acquire PLUS Stock
Exchange plc ("PLUS") from PLUS Markets Group plc ("PMG") and the frustration
expressed by certain PMG shareholders.
ICAP has already signed the agreement to acquire PLUS from PMG, and that
agreement has been approved by PMG's Board and is exclusive and binding,
subject to a vote by PMG's shareholders on June 18^th and theapproval of the
FSA to the change in control of PLUS. ^ICAP's approach followed the
announcement on May 14^th by PMG that following several years of losses its
process to find a buyer for the business had failed to result in a transaction
and that it had commenced a process of 'orderly closure'.
In the event that PMG's shareholders do not vote to approve the transaction,
the consequences are clear and have been set out in PMG's recent
announcements. In the event the transaction fails to complete by June 21^st,
the FSA will commence the process as soon as possible to revoke the exchange's
recognition. At that point the winding down of the market will become
irreversible and PMG's shareholders will bear the costs of closing PLUS. It
will also cause significant disruption and additional cost to the companies
listed on the PLUS market.
ICAP has decided, after listening to the concerns expressed by PMG
shareholders, to increase the purchase price for PLUS to £500,000. It has
required PMG to confirm that the sum will be added to the amounts of cash
available to the shareholders of PMG, for distribution or reinvestment. This
is intended to insulate shareholders from the costs of certain contractual
payments triggered by the sale of PLUS.
ICAP is fully committed to continue supporting and expanding the equities
listings venue which provides growth capital for smaller companies as well as
exploring other possibilities. ICAP has been greatly encouraged by the
positive response from small cap issuers and sponsors to its proposed
acquisition. As an extremely experienced market operator, ICAP is also well
positioned to leverage PLUS' exchange status to offer new products and
solutions for its customers including, in time, listed derivatives.
Brigitte Trafford Director of Corporate Affairs +44 (0) 20 7050 7103
Neil Bennett Maitland +44 (0) 20 7379 5151
ICAP is the world's leading interdealer broker and provider of post trade risk
and information services. The Group matches buyers and sellers in the
wholesale markets in interest rates, credit, commodities, FX, emerging markets
and equity derivatives through voice and electronic networks. Through our post
trade risk and information services we help our customers manage and mitigate
risks in their portfolios. For more information go to www.icap.com.
This information is provided by RNS
The company news service from the London Stock Exchange
FURMMGMVMDMGZZM -0- Jun/14/2012 11:13 GMT
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