01.03.2017

NEX Group Goes Live

MondoVisione – Further to the announcements by ICAP plc (“ICAP“) on 11 November 2015 and subsequently and the announcements by NEX on 6 December 2016 and subsequently relating to the disposal of NEX’s global hybrid voice broking and information business to Tullett Prebon plc (now renamed TP ICAP plc), including NEX’s associated technology and broking platforms and certain of NEX’s joint ventures and associates (the “Transaction“), the board of NEX is pleased to announce that the Transaction has now completed in accordance with its terms.

In addition, the board of NEX is pleased to announce that the Share Consolidation will become effective with effect from Admission today, at which point the total issued ordinary share capital of NEX will be 379,735,432 ordinary shares of 17.5 pence each (the “Consolidated Shares“).

Admission of the New Tullett Prebon Shares and Consolidated Shares to the premium listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities will take place with effect from 8.00 a.m. today.

New Tullett Prebon Shares and Consolidated Shares held in uncertificated form are also expected to be credited to the relevant CREST accounts today. Share certificates in respect of New Tullett Prebon Shares and Consolidated Shares held in certificated form are expected to be despatched to shareholders by 16 January 2017.

The new ISIN number for the Consolidated Shares is GB00BZ02MH16.  NEX continues to trade under the ticker symbol “NXG”.

Further details of the Newco Reduction of Capital and the Share Consolidation were set out in the Prospectus.  Further detail as to the expected timetable of principal events is set out in the ICAP and NEX announcement dated 6 December 2016.

Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the prospectus published by NEX on 6 December 2016 (the “Prospectus“).

Michael Spencer, CEO of NEX Group, said:

This is a momentous and exciting day for us all. In 1986 we were a start-up of four people, which in 30 years transformed into ICAP plc, one of the true market leaders in financial services. Today we complete our transformation as we officially launch NEX Group, a technology services company ready to capitalise on the enormous opportunities that technology affords to financial markets in the 21st century.

NEX Group provides services that underpin the entire transaction lifecycle, from pre-trade to execution and post trade, so we have structured the company into four key business lines:

  • NEX Markets leverages our established electronic trading platforms to help clients access liquidity in the fixed income and foreign exchange markets and execute efficiently;
  •  NEX Optimisation leads the transformation of market structure by offering a portfolio of cloud hosted services that simplify client workflows, optimise resources, reduce costs and mitigate risk for our clients;
  • NEX Opportunities invests in exceptional financial technology companies that challenge convention, solve issues and reshape financial markets; and
  • NEX Exchange operates a regulated UK stock exchange for small and medium companies to help entrepreneurs access investors and raise capital.

NEX Group will begin 2017 as a new company, but one with a long and successful heritage. I’m proud of where we’ve come from and incredibly excited about where we are going. In an era of rapid regulatory and technological change, NEX will empower financial markets and bring greater efficiency, transparency and scale to our clients.

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