The Company intends to invest in its regulatory and technical infrastructure, bringing in new technology, in order to enable trading between a wider range of market participants on a great number securities.
PLUS will also continue to pursue Recognised Investment Exchange (RIE) status from the Financial Service Authority (FSA), and hopes to achieve that benchmark in the second quarter of last year.
RIE status will further boost it capacity to meet the requirements of investment firms, the company say.
The group’s board is also being strengthened with the appointment of four new directors.
“The proposals that we have announced today represent a sea change in the scale of our operations,” said Simon Bickles, chief executive officer of PLUS.
“The placing will enable us to fund a further substantial extension of our trading and quotation services including into more liquid securities.”
PLUS’ financial year, ended in November, has been very successful attracting 46 brokers, seven market makers and has 5bn shares in trading with a value of over £2.6bn.
There are now over 180 companies quoted on its primary market and the Plus board say the market has established its presence in the City.
“PLUS Markets Group has evolved rapidly over the last two years,” Bickles said.
© Crimson Business Ltd. 2006
