Plus removes director

Source: Plus

Further to the Company's announcement of 14 June 2012, the Company announces that Ahmed Ibrahim Al Asfour has been removed from the board of the Company and its wholly owned subsidiary Plus Stock Exchange plc, following a request from Amara Dhari Investments Limited ("ADIL") (the "Notice") in accordance with the Company's shareholder agreement with ADIL dated 4 September 2009 (the "Shareholder Agreement").

The Notice also requests the appointment of a replacement non-executive director nominated by ADIL pursuant to the terms of the Shareholder Agreement.

The appointment of a new director to the board will be subject to appropriate due diligence processes carried out by the Company and its Nominated Adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers. Any proposed appointee will also be subject to regulatory approval by the FSA.

Ahmed Ibrahim Al Asfour, whose family hold over 50% of the share capital of AD, has informed the board of PLUS that he disputes the validity of the request by ADIL to remove him from the board of the Company. The Board understands that Mr Al Asfour intends to take appropriate action in order to address this position.

Further announcements will be made in due course. 

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