23 September 2017
Find out more

Plus IT team agree buy-out of trading technology arm; shareholder row intensifies

15 June 2012  |  4577 views  |  0 London Swiss Re building

Plus Markets is to sell its technology platform to Forum Trading, a new company whose founder shareholders consist of Hirander Misra, the former co-founder and COO of Chi-X Europe, Tony Harrop, the chief technology officer of Plus Markets Group, Richard Atkins, formerly head of trading system management & development at the London Stock Exchange and all eight employees of the Plus-TS technology team.

The loss-making technology arm was set up in September last year to sell white-labelled matching engines to European investment banks and brokers. It currently counts only Plus-SX and Plus-DX, the company's nascent derivatives mart, as its sole customers.

Plus is selling the business for a maximum consideration of £281,251. Under the terms of the agreement, Plus-TS is entering into a contract, for a minimum term of nine months, to provide technology platform services to Icap in continued support of Plus-SX's markets.

The deal comprises an initial consideration of £1 and deferred consideration of £281,250, payable monthly in equal instalments over the nine month term.

Icap yesterday agreed to up its offer for the Plus exchange business to £500,000 in an effort to head off a rebellion by dissident shareholders who were angered by the initial purchase price of £1 agreed with the Plus board. Icap's effort to sweeten the deal has failed to pacify the mutinous rump of dis-satisfied shareholders who have dismissed the revised offer as a "token gesture".

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  |  4207 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  |  4322 views  |  0 comments
Vardy resigns from Plus Markets

Vardy resigns from Plus Markets

10 November 2011  |  5165 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  |  9599 views  |  0 comments
Plus signs with Algo Technologies for systems overhaul

Plus signs with Algo Technologies for systems overhaul

25 August 2010  |  8728 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)
download the paper nowvisit www.capgemini.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13267 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9462 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8545 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8212 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8011 views comments | 32 tweets | 45 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job