PLUS Markets Group plc, operator of the PLUS Stock Exchange and of a recognised investment exchange, has this morning announced that it is to close. The press release is here. The company had been in sale process, but nothing came of that.
For companies traded on the PLUS-quoted market, what will happen to their trading arrangements is unclear at the moment. Sharemark is offering free admission to PLUS companies until 2013. BritDAQ also offers a share matching service.From the PLUS Markets press release:
“The Board regrets to inform shareholders that, due to the ongoing operating costs of its business in the context of its regulatory status, the Company’s cash balance has reached a level at which the Board has informed the FSA that it intends to commence a process of orderly closure. In consultation with the FSA, the regulated activities undertaken by the Group, which include the operation of the RIE, will be wound down over a period of up to six months in order to minimise market disruption.
This will include working to ensure that companies traded on the PLUS-quoted market are able to find suitable alternative arrangements for the trading of their shares. In the interim period, the PLUS market will continue to operate as normal. Further announcements in relation to the closure process will be made in due course as dialogue takes place with the FSA.
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. Any parties who might be interested in a transaction with the Company, including the purchase of Company assets, should contact Wyvern Partners…”
See also: PLUS Markets puts itself up for sale
