PLUS Markets Group plc (AIM: PMK) held a General Meeting of its shareholders on Friday, 25th September in London.
The resolutions in favour of issuing shares to Amara Dhari Investments Limited, a special purpose vehicle representing Gulf Cooperation Council (GCC) investors, were overwhelmingly approved by existing shareholders of PLUS Markets Group, the London based stock exchange.
PLUS Markets Group, a Recognised Investment Exchange based in London, and Amara Dhari, a special purpose vehicle set up by a syndicate of GCC investors to acquire a strategic stake in PLUS Markets Group, concluded an agreement which sees Amara Dhari acquire a 17.23 per cent shareholding (66.66 million shares) in the UK exchange for a consideration of £5 million (7.5p per share). Amara Dhari has also been granted a warrant to subscribe for up to a further 58 million shares at 5p conditionally upon the attainment of certain revenue performance targets.
In addition, Ahmed Al Asfour and Hisham S. Al Otaibi are appointed non-executive directors of PLUS Markets Group.
Ahmed Ibrahim Al Asfour (aged 54)
Ahmed Al Asfour, a prominent businessman from a well regarded GCC family, spent his early career working for oil companies. From 1992 to 1996 he worked for the Ministry of Oil for the State of Kuwait and presently serves as Chairman and CEO of Ritaj Insurance Company as well as holding a number of other board appointments.
Hisham S. Al Otaibi (aged 62)
His Excellency Hisham S. Al Otaibi is the former Minister of Commerce and Industry for the State of Kuwait, and has been a member of the Kuwait Supreme Petroleum Council since 1999. His Excellency currently serves as a director of the Kuwait Stock Exchange, having formerly been its President and is Chairman of Contracting & Marine Services Co.
Stephen Hazell-Smith, Chairman of PLUS Markets Group, welcomed the new shareholders and directors. He said that PLUS has announced a number of initiatives to internationalise its markets and this venture with Amara Dhari will help promote PLUS in the GCC and create an important bridge between Middle East companies, investors and financiers and equity capital markets in the UK.
Commenting on the news, Simon Brickles, Chief Executive Officer of PLUS Markets Group said:
“We are delighted that shareholders have so strongly endorsed the Company’s plans to expand into the Middle East. Friday’s vote opens an important and exciting new phase in the development of PLUS”