ICAP to Acquire Plus SX
Plus Markets Group has announced that ICAP will acquire its struggling exchange Plus SX for a nominal fee of £1.
The news comes after a tumultuous week for the group, which announced on 14 May that it would be terminating its formal sales process and winding down Plus SX over the next six months. As a loss-making business, Plus justified the sale for a nominal value as a move to preserve value in the group for shareholders.
"The Proposed Transaction is for a nominal amount due to the current liabilities that remain within Plus SX and the ongoing cost of maintaining the registered investment exchange," said Plus Markets in a statement to investors. "Information extracted from unaudited management accounts for the period to 30 June 2011 show losses of £1.025 million attributable to Plus SX. For the year ended 31 December 2010, the audited accounts show losses of £5.694 million attributable to Plus SX."
The two remaining components of Plus Markets Group, derivatives exchange Plus DX and technology arm Plus TS, remain with the company for now. However, a person close to the situation said last week that discussions were ongoing, in private, with several interested parties.
The sale of Plus SX to ICAP is subject to shareholder approval. If the process is not completed, then the announced retirement of the exchange will continue.
Information extracted from unaudited management accounts for the period to 30 June 2011 show losses of £1.025 million attributable to Plus SX.
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