LONDON, UK: Valereum, the Gibraltar technology group, and the Global Stock Exchange Group (GSEG) have duly exercised the option to increase Valereum’s interest in the Gibraltar Stock Exchange (GSX) from 80% to 90%, as per the revised agreement announced on 28th January 2022.
Additionally, both Valereum and the GSEG have also executed the first stage of the revised agreement, whereby Valereum has now paid the GSEG a total of £2.9m and taken security over the first 50% of the shares of the GSX.
Transfer of the shares for Valereum’s increase interest as envisaged in the revised agreement, is currently awaiting approval by the Gibraltar Financial Services Commission (GFSC).
The remaining option over 40% of the shares in GSX will be exercised in due course, with the final transfer and registration of all transfers in the shares in the GSX to reach the agreed final 90% ownership, being subject to GFSC approval and any shareholder approval required by AQUIS.
The GSX is a regulated exchange market which also holds a Multi-Lateral Trading Facility (MTF) licence for the listing of specific forms of security under the European Markets in Financial Instruments Directive (MiFID).
Richard Poulden, Chairman of Valereum commented: “This is a very significant step forward for Valereum towards taking control of the Gibraltar Stock Exchange. Valereum directors are working closely with the GSX to plan for its future path”.
