Valereum agrees on revised timetable for acquisition of GSX
Valereum Plc today provided an update on the acquisition of the Gibraltar Stock Exchange (GSX).
The company has agreed a revised timetable with the GSX and the Gibraltar Financial Services Commission (GFSC) which provides an extended closing date of August 31, 2023.
The primary purpose of this is to ensure sufficient handover time to organise the closing process with the GSX and also to comply fully with GFSC requirements.
Let’s recall that, in October 2022, Valereum received consent from the GFSC to complete the acquisition of GSX.
The payment for the second tranche of the GSX providing 100% ownership has been agreed at £750,000.
Valereum explains that it has been pursuing financing in both UK and North America. The company says it has a funding commitment from a fund in North America conditional only on the closing of their new fund. This is anticipated in the next few weeks.
Richard Poulden, Valereum’s Chairman, said:
“We remain committed to the creation of a Stock Exchange which can transform the financial services industry in Gibraltar. We look forward to the final stages to make this a reality”.