As we reported here, on 19 May 2012 PLUS Markets Group plc announced that it is to sell its PLUS Stock Exchange business to ICAP for nominal consideration.
However, as the Daily Telegraph reports today, some shareholders are not happy about the deal (which requires shareholder approval). A focus for shareholder discontent is the proposed pay-offs to exiting directors, and the remarkable level of fees to the advisers to PLUS:
“Advisers including S J Berwin and Wyvern Partners will receive about £960,000 in fees.”
PLUS has also received a conditional approach from Gulf Merchant Bank for is stock exchange business, which it has knocked back.
The shareholder vote is on 18 June 2012.