Plus Markets asks investors to back board

THE BOARD of troubled exchange operator Plus Markets yesterday urged shareholders to reject an attempt to oust the firm’s chief executive and chairman.

Irate investors tabled the AGM motions after becoming exasperated with the directors’ handling of the proposal to sell the firm’s stock exchange unit to broker ICAP for a nominal fee.

But shareholders in Plus Markets have now received a letter from the board asking them to vote in favour of keeping the chief executive Cyril Théret and chairman Malcolm Basing in their positions.

“Sadly, we have not been able to realise fully a successful turnaround,” Théret wrote.

“It is the board’s view that continuity in the leadership and executive management of the company is imperative. I am therefore seeking to continue to fulfil my fiduciary duties.”

The letter was sent out ahead of the company’s annual meeting, which takes place on 29 June.

But the controversial ICAP takeover will be settled at an EGM on 18 June.

Activist investor Simon Chapman, who put forward the motions, has previously told City A.M. that Plus rejected his attempt to hold the votes at the earlier EGM.