Gibraltar technology group Valereum Plc today provided an update on the Gibraltar Stock Exchange (GSX) transaction.

Valereum has been in negotiation with the Gibraltar Financial Services Commission (GFSC) to extend the deadline for completion of the acquisition of the Gibraltar Stock Exchange beyond 28 September 2023. Valereum remains committed to delivering shareholder value but unfortunately, an extension has not been granted at this time by the GFSC.

On 31 August 2023, the Company announced that it had secured committed funding from a United States fund in the amount of £5-8 million, to be released in two tranches. The company has been notified that this funding is no longer available.

As a result of the GSX deal issues, Patrick Young has resigned as a director of Valereum as Valereum has no requirement for an exchange expert at this point.

Valereum holds a fixed charge over shares totalling 50% of the GSX and will continue to have discussions with all relevant parties to find an amicable way forward. The GSX Group are still keen for Valereum to conclude the acquisition.