Exchange firm Plus Markets considers bids

BRITISH markets operator Plus Markets, the junior stock exchange that is home to Arsenal football club, says it has received “a number of indicative proposals” since it put itself up for sale earlier this year.

In a short statement the firm said that the sale process, announced on 3 February, was progressing. Interested parties have been provided with access to management and a detailed data room.

Potential bidders had until 30 March to register their interest and the company hopes to make a further announcement within the next few weeks.

The firm’s thinly-traded shares closed yesterday up 9.7 per cent at 1.07p but remained well down on a pre-financial crisis high of over 30p.

Plus was formed in 2005 as a rival to AIM but has struggled ever since. It reported a loss of £5.8m on revenue of £3m in 2010, its sixth consecutive loss-making year.

When the sale was announced the company said: “The board believes that it is in the best interests of the company to seek a partner which will help it achieve the scale and reach required to maximise value to stakeholders.”

Plus put itself up for sale earlier this year after concluding it needed more financial backing to deal with issues thrown up by forthcoming regulatory and technological changes.

It grew out of Ofex, an exchange for British small cap stocks that required less regulation than the London Stock Exchange or AIM.