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

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

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".

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