Stock exchange PLUS-SX disposes of loss-making trading platform
JUNIOR stock exchange PLUS-SX, which contains several companies in the West Midlands, is to dispose of its wholly-owned trading technology platform for a nominal sum.
Loss-making PLUS Trading Solutions Ltd (PLUS-TS) is being purchased by to FORUM Trading Solutions Ltd.
PLUS-SX announced last month that it was being acquired by broker ICAP for a token £1. Subject to the sale completing, PLUS-TS is entering into a contract, for a minimum term of nine months, to provide technology platform services to ICAP in continued support of PLUS-SX’s markets.
While this continues, the £281,251 disposal of PLUS-TS will be made through an initial payment of £1 with the outstanding amount deferred. The deferred sum will be payable as a share of the revenue received by FORUM and will be paid monthly in equal instalments over the nine-month term.
FORUM founder shareholders consist of: Hirander Misra, the former co-founder and COO of Chi-X Europe, Tony Harrop, the Chief Technology Officer of PLUS Markets Group plc and also currently a director of PLUS-TS, Richard Atkins, formerly Head of Trading System Management & Development at the London Stock Exchange and all eight employees of the PLUS-TS technology team.
PLUS-SX’s parent, PLUS Markets Group, announced last month it intended to wind down after several years of losses.
PLUS-SX is the trading platform for 156 quoted companies, which in the West Midlands include AFH Financial, Early Equity and Sprue Aegis. Nationally, it includes Arsenal Football Club and book publisher Quercus.
