REBEL investors in troubled exchange owner Plus Markets yesterday called on ICAP to sweeten its bid for the company’s junior stock exchange or face a possible rejection.
A group of shareholders owning 30 per cent of the firm said they are committed to voting against ICAP’s £1 takeover bid for Plus SX, arguing that there is no value in the deal for shareholders.
Dissenting investors, which include Amara Dhari, a Middle Eastern investment firm with 17.2 per cent of the equity, have also objected to a £423,000 payout to Plus’s two executive directors Cyril Théret and Nemone Wynn-Evans.
Plus, which agreed to sell its stock market to ICAP last month, urged shareholders on Friday to back the bid and reiterated that the Financial Services Authority would revoke the licence if the sale was not completed by 22 June, a move they say would result in the business being wound up.
Plus said investors would receive an estimated £640,000 in cash if they follow their recommendation.
ICAP declined to comment.