By Simon Miller
Arsenal Football Club is one of over a hundred small companies that will have to find a new listing after British stock exchange Plus Markets announced it was planning to shut down after it failed to attract an acceptable takeover offer.
The group had put itself up for sale in February but following a failure to find a buyer, it has informed the financial regulator that it plans an 'orderly closure' after a drop in its cash reserves.
"The regulated actives of the group will be wound down over a period of up to six months in order to minimise market disruption," the company said in a statement to Reuters
Plus Markets was formed out of Ofex and offered listings with less regualtion than AIM or the London Stock Exchange.
In 2010. the company saw a sixth loss-making year with £5.8m losses on a revenue of £3m and on 3 February 2012, the group announced it was looking for appropriate partners for the Company or major strategic investors.
In April, Plus Markets said it had received a number of indicative proposals. However, talks with potential suitors failed to find a "deliverable offer".
Arsenal footbal club and brewer Shepherd Neame are currently listed on the exchange which also operates the Plus DX derivatives exchange and the group said it would help listed companies find "suitable alternative arrangements".