Gibraltar technology group Valereum Plc today announced that the acquisition of the Gibraltar Stock Exchange (GSX) will proceed in September.

Valereum has secured committed funding from a United States fund, for mid-September in the amount of £5-8m in two tranches. The Gibraltar Financial Services Commission (GFSC) has accordingly extended the deadline for completion of the acquisition to 28th September.

The GSX Group, current owners of the GSX, supports this extension.

Richard Poulden, Valereum’s Chairman, said:

“My family have been involved in Gibraltar for four generations and I saw in the GSX the opportunity to create a financial powerhouse which will drive Gibraltar’s financial services industry. I am immensely grateful for the support we have received from many people in Gibraltar as we have strived to make this vision a reality”.