Arabs want Giles Vardey out in Plus Markets bust-up

The stock exchange that is home to Arsenal Football Club is facing a major shake-up led by a group of Middle East investors.

Amara Dhari, owner of a 17% stake bought two years ago, wants chairman Giles Vardey out and its own man Simon Brickles appointed to the board.

Plus Markets has 21 days to call a general meeting and hold a vote.

The company has been diversifying lately into derivatives, a recognition that its core business of supporting initial public offerings has been poor.

It has made hefty losses in the last three years that add up to more than £20 million and has embarked on a cost cutting drive.

The bust up will be watched closely by several well known companies. Also on the Plus Markets exchange are beer makers Shepherd Neame and Adnams.

Plus Markets grew out of the old Ofex, an alternative sock market requiring a lower level of regulation than is imposed by members of either AIM or the London Stock Exchange.

Vardey is veteran of stock exchanges, having been at senior executive at the LSE in the 1990s. He was recently appointed a non executive director of Collins Stewart.

He may need support from top shareholders such as Close Brothers in order to survive.