Vardy resigns from Plus Markets

Vardy resigns from Plus Markets

Plus Markets chairman Giles Vardy has stepped down following a shareholder-led revolt to forcibly oust him from the role

In a brief statement, the UK-based exchange group says Vardy has resigned his post immediately for "personal reasons".

Late last month, Amara Dhari Investments, a Middle Eastern syndicate which took a 17% stake in the AIM-listed stock exchange in September 2009, called an extraordinary general meeting asking for the dismissal of Vardy and the re-instatement of founder Simon Brickles to the board of the embattled company.

The rebellion followed a year of turmoil at the company, which saw the exit of Brickles and the institution of an aggressive cost cutting programme that slashed headcount and technology expenditure under Vardy.

Plus says it has commenced a search for a successor to Vardy and installed Malcolm Basing as a stand-in chairman.

Further, it has received notice from Amara Dhari Investments cancelling its request to call a General Meeting of the Company.

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