In response to press speculation earlier today PLUS Markets Group plc ("PLUS" or the "Company") confirms that on 9 December 2011 it received an approach for its majority stake in the Company's subsidiary PLUS Derivatives Exchange Limited ("PLUS-DX").
PLUS-DX represents an important part of the Company's growth strategy and the approach was therefore unattractive at a strategic level nor did it recognise the current or future value of the unit. The other party was also seeking for PLUS to contribute significant resources and funding to PLUS-DX over a transitional period following the proposed acquisition of PLUS's stake in PLUS-DX.
PLUS also confirms the departure of Clive Connors, formerly managing director of PLUS-DX. Mr. Connors' employment was terminated by PLUS on 19 December 2011.
The Board has taken the decision to revisit PLUS-DX's strategy in response to the requirements of stakeholders and prospective customers and to facilitate its launch in the context of a financial crisis within the Euro zone and worldwide economic uncertainty.
The Board remains committed to launching PLUS-DX and intends to recruit additional staff from inter dealer broker backgrounds to support its strategy for PLUS-DX. PLUS confirms the appointment of Vijay Angelo as a consultant to PLUS-DX. Vijay has over twenty years' financial services derivatives experience and has worked at a number of renowned institutions.
