Tradepoint and SWX seal virt-x deal

Tradepoint and SWX seal virt-x deal

Tradepoint and SWX Swiss Exchange have signed off on the transaction to create pan-European blue chip exchange virt-x and appointed Antoinette Hunziker-Ebneter, currently SWX chief executive, as CEO of the new company.

Completion of the deal was conditional upon clearance from the competition authorities and the signing of limited recourse facility agreements with the members of the Tradepoint Consortium. Loan facilities up to a total of £22.75 million, to be set against individual Consortium members' future trading fees, have been signed.

Tradepoint has issued 108,445,243 new shares to SWX in respect of 38.9% of the share capital. Once the Consortium has exercised all of its outstanding warrants, raising a total of £11.1 million for virt-x, the Consortium and SWX will each hold 38.9% of virt-x.

The launch of the new pan-European blue chip market is planned for 25 June 2001. Peter Stevens continues as non-executive chairman, with Richard Kilsby as vice chairman.

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