The PLUS stock exchange has announced its October primary market figures which show continuing growth in admissions and company applications and further M&A activity.
New admissions - October saw two new companies admitted to the PLUS stock exchange. Software and computer services business Arrowpoint Technologies* became the first Indian based company to join PLUS, with a market capitalisation on admission of £27m. Later in the month Magnolia Petroleum reversed into Fairholt Resources and the re-admitted company is capitalised at £3.5m.
New applications were received in October from Shield Service Group, a cleaning and grounds maintenance company, and also for the re-admission of Investment West Midlands plc as part of its reverse takeover of Bluehone Limited (valued at £1.5m) along with other initiatives, including a strategic agreement with Evolve Capital to encourage mutual business development and an acquisition of interests in Elderstreet Investments Limited.**
Bill Brown at Bluehone said: "I am excited to be taking Bluehone forward to its next stage of development as a public company. I believe the structure of the PLUS-quoted market is ideal for our stage of development and will facilitate the growth of our business.”
M&A activity - Singapore based Tradelabs acquired Real Value Consultancy FZE, a financial investment consultancy incorporated in the United Arab Emirates, for USD 1.25m.
New corporate adviser admission - PLUS is pleased to welcome the latest corporate adviser to its market. Hybridan LLP is a corporate broking firm with a focus on transactions and share price support. It is the sixth new firm this year to join the PLUS stock exchange as a designated corporate adviser. Since January, Bridgehall Stockbrokers, Cenkos, Alexander David Securities, Strand Hanson Limited (formerly Strand Partners) and Zimmerman Adams International have also become adviser members.
Claire Louise Noyce, Hybridan Managing Partner said: “Hybridan is delighted to announce it has been approved as PLUS Corporate Adviser. We are excited by the recent initiatives of PLUS to internationalise its markets, especially in the Middle and Far East, and we look forward to being a part of that effort. It has become increasingly clear that PLUS provides an attractive platform for trading smaller companies in a well regulated and cost efficient environment.”
Head of Capital Markets, Paul Haddock, comments: “We are pleased to see continuing activity on our market. Well managed companies continue to join PLUS and we are very encouraged by the steady increase in the strength of our membership. The resilience of our market is also borne out by the level of corporate activity amongst our companies.”
*http://www.plusmarketsgroup.com/pressreleases/PMGpressreleaseArrowpointonPLUS200910Final.pdf
**http://www.plusmarketsgroup.com/PLUS_news_story.shtml?NewsID=743311&ISIN=GB00B0LFRQ80/GBX/PLUS-exn