25 October 2012
Sale of Sharemark
Share plc (AIM:SHRE), parent company of The Share Centre Ltd (one of the UK’s leading independent stockbrokers), is pleased to announce the sale of certain assets relating to its Multilateral Trading Facility, Sharemark, to Asset Match Limited (“Asset Match”).
Under the terms of the Sale Agreement and an Intellectual Property Assignment, The Share Centre has sold Sharemark Limited, together with its corporate customer contracts, related marketing rights, the Sharemark brand name, domain names and website to Asset Match. The Share Centre will retain the rights to operate the Multilateral Trading Facility, together with intellectual property of the trading algorithm, as well as the regulatory responsibility. Under a Services Agreement, The Share Centre will continue to operate the Multilateral Trading Facility, under the Asset Match brand name, for a two year period.
The initial consideration payable by Asset Match is £100,000 in cash, plus 1% of the issued share capital of Asset Match. The separate Services Agreement provides for monthly service payments to The Share Centre, together with a share of Asset Match revenues.
Asset Match, which is regulated by the Financial Services Authority, provides an open, transparent electronic platform for trading shares, typically of profitable and proven private UK companies.
Companies currently trading on Sharemark, including Share plc as supplemental to its AIM quotation, will continue to be traded on Asset Match. Meanwhile, The Share Centre will act as preferred broker and customers will to be able to access the Asset Match trading platform through the share dealing services of The Share Centre or their existing stockbroker.
Gavin Oldham, Share plc Chief Executive, commented:
“This sale allows Share plc to focus on our core retail stockbroking business as part of the Group’s continued drive for revenue growth. We look forward to providing Asset Match with a high quality, customer-focused trading platform, which will enable Asset Match to ensure that it becomes the reference point for prices of private UK company shares.
The Share Centre remains committed to the distribution of suitable new issue opportunities to its customer base for companies traded across all markets, as well as facilitating secondary market trading, and we look forward to assisting UK businesses with accessing capital from retail investors to fund their expansion plans and to grow the UK economy.”