Plus Markets to wind down business after sales talks subside

Plus Markets to wind down business after sales talks subside

UK exchange operator Plus Markets is to wind down its business after failing to find a suitable takeover partner.

The struggling company - which started life as a small cap market operator - put the business on the open market in February, and reported a number of indicative proposals in April.

However, in an update today, Plus says that although discussions were held with a number of parties including major international stock exchanges and trading platforms, interdealer brokers, technology providers, private equity and other wealth funds, none of the possible options on the table have made convincing progress.

With the company rapidly running out of cash, the board has informed the FSA that it intends to "commence a process of orderly closure".

In consultation with the watchdog, it has decided to wind down its regulatory status over the next six months.

In a statement, the company says: "During the winding-down process, the board will continue to explore all possible avenues to preserve remaining shareholder value, including any offers for the company's remaining assets. The board will then consider what steps to take to either return residual value, if any, to shareholders or to convert the company into an investing company under the AIM Rules."

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