the board of plus have some questions to answer – possibly to the sfo and their shareholders

2 mins. to read

UPDATE (1) “Existing cash resources will support Plus as it closes the gap to profitability, anticipated in 2012” 

“The Board will then consider what steps to take to either return residual value, if any….” – May 14 2012

Which one makes sense? Someone has been misleading the market…. Market misinformation = market abuse.

I have had discussions with Amari Dhari’s representative this morning and they have confirmed that funding was formally offered to Plus Markets of £2m at 1p per share in January of this year and that the Board of Plus deemed it appropriate to turn this down. I also understand that certain other large shareholders were prepared to support this fund raising in unison with Amari Dhari at that time.

Why did the Board also turn down the circa £1.5m for DX?

How much have Wyvern Partners been paid this last 3 months?

How much are Messrs Theret & Basing still taking in salary out of the company?

This saga should be investigated by the FSA.

UPDATE (2) – At the current market cap, which is likely a third of current cash reserves there is negative value ascribed to the tax losses, no value ascribed to the costs of obtaining a licence to operate an RIE let alone the millions sunk into TS & DX… If ever it was appropriate for someone to step in and swallow the whole for buttons then it’s now. I highly doubt that the mooted interested parties will sit idly on the side given the time invested in accessing the data from the data room etc. This company looks to be going begging to me and what it needs is a complete sweep of management and installation of new people.

UPDATE (3) – “A source close to the situation said that a number of parties remained interested in the exchange and that a deal could still be reached. A Plus Markets spokesman declined to comment. Gulf Merchant Bank could not be reached for comment.”

Looks like they were close to a deal with a Middle Eastern boutique lending house. The price just got 50% cheaper – what’s your next move? Increased speculation amongst certain parties that a 13th hour deal (!) is being looked at. Will keep you posted.

UPDATE (4) – A quote from one of the affected parties, being an advisor to some of the companies listed on Plus – “Plus has distinguished itself in demonstrating how not to communicate with the market. The shame is many shareholders will find themselves unable to trade their shares.”

SpreadbetMagazine’s take – Mr Basing & Mr Theret, if you have any semblance of morality and responsibility to the many parties your wholly inappropriate manner of running the company has affected today, from Rivington Holdings to your own shareholders, you should resign with immediate effect or, at the very least, work for free while the company is run down. Shame on you.

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