22 September 2017
Visit http://response.ncr.com

Icap lifts Plus purchase price to £500,000 in an effort to win over shareholders

14 June 2012  |  4643 views  |  0 stock quotes

Icap has moved to appease dissident shareholders looking to derail its acquisition of Plus Stock Exchange by raising the purchase price to £500,000 from £1.

Amara Dhari Investments and private shareholder Simon Chapman earlier this month tabled a resolution to remove Plus Markets Group chairman and CEO Malcolm Basing and Cyril Theret from the board over their proposals to sell the small cap exchange business to Icap for £1.

In a statement released today, Icap acknowledges the frustration expressed by shareholders, but points out that failure to approve the transaction by 21 June will result in the FSA taking action to remove Plus's exchange status.

"At that point the winding down of the market will become irreversible and PMG's shareholders will bear the costs of closing Plus," states Icap. "It will also cause significant disruption and additional cost to the companies listed on the Plus market."

Nonetheless, the interdealer broker has offered an olive branch to shareholders by raising the purchase price for the small cap market to £500,000.

States Icap: "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's primary interest is in the acquisition of Plus' Recognised Investment Exchange status, one of only five in the UK. Icap says it will maintain quotation for the companies listed on the Exchange and will look to add additional services in the future, including listed derivatives.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Plus Markets dismisses rival bid to Icap's £1 takeover of Plus SX

Plus Markets dismisses rival bid to Icap's £1 takeover of Plus SX

01 June 2012  |  4864 views  |  0 comments
Icap in talks to buy Plus Markets' exchange business

Icap in talks to buy Plus Markets' exchange business

17 May 2012  |  4205 views  |  0 comments
Plus Markets to wind down business after sales talks subside

Plus Markets to wind down business after sales talks subside

14 May 2012  |  3989 views  |  0 comments
Plus Markets says considering several takeover proposals

Plus Markets says considering several takeover proposals

17 April 2012  |  4321 views  |  0 comments
Plus Markets puts itself up for sale

Plus Markets puts itself up for sale

03 February 2012  |  5423 views  |  0 comments
Vardy resigns from Plus Markets

Vardy resigns from Plus Markets

10 November 2011  |  5164 views  |  0 comments
Plus Markets faces shareholder revolt

Plus Markets faces shareholder revolt

24 October 2011  |  5020 views  |  0 comments
Plus launches technology arm; calls on Misra for advice

Plus launches technology arm; calls on Misra for advice

07 September 2011  |  7540 views  |  0 comments
Brickles exits for good as Plus takes axe to staff numbers and tech

Brickles exits for good as Plus takes axe to staff numbers and tech

16 September 2010  |  9598 views  |  0 comments
Plus signs with Algo Technologies for systems overhaul

Plus signs with Algo Technologies for systems overhaul

25 August 2010  |  8727 views  |  0 comments
Plus gets £5.5m Middle East investment

Plus gets £5.5m Middle East investment

07 September 2009  |  5486 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12791 views comments | 27 tweets | 42 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9589 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8305 views comments | 19 tweets | 27 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8242 views comments | 13 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7700 views comments | 16 tweets | 1 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job