Plus Markets investors angry over new bid

INVESTORS in beleaguered exchange operator Plus Markets yesterday said that a revised offer for part of the firm was a “token gesture” that will not stop their rebellion, as new allegations surfaced that the board repeatedly refused offers of funding.

Kuwaiti firm Amari Dhari, which owns 17 per cent of Plus, yesterday claimed it had offered new finance to Plus Markets on multiple occasions over the last twelve months.

Calling the board “incompetent”, Amari Dhari said their actions had “directly led to the destruction of shareholder value”.

Last month ICAP entered into an exclusive agreement with Plus to buy the stock exchange unit and its liabilities for £1, angering investors who claim there was little warning.

Yesterday the offer was upped to £500,000 but shareholders remain frustrated that directors are set to take home £423,000 if the deal passes a vote on Monday.

Investor Simon Chapman told City A.M.: “Shareholders are angry at the directors for what they consider to be a wholly inappropriate pay-off. ICAP and Plus seem to be showing signs of being very worried about the vote.”