Valereum plc (AQSE: VLRM) has been approved to acquire the Gibraltar Stock Exchange (GSX). The consent was provided by the Gibraltar Financial Services Commission (GFSC). The deal was first revealed in the fall of 2021.
The acquisition is expected to be completed in the first quarter of 2023.
According to a public statement distributed by Valereum:
“This will create the foundation of a new international network headquartered in Gibraltar. The future focus of the GSX will be to expand the access to European capital for early stage and small-cap companies in the Middle East, India and Africa where there is a huge opportunity to empower entrepreneurs across the region. There is a significant gap in the available small cap markets where we will provide solutions building from the ecosystem of accelerators and incubators through a full suite of private and public markets. This will provide a new transnational access to capital. In addition Valereum will be launching its NFT strategy in the first quarter of next year linking real world assets via NFT ownership.”
A new board of directors for GSX has been approved with the following officers.
- Chairman: Richard Poulden, the Chairman of Valereum Plc.
- Executive Director: Patrick L Young
- Chief Financial Officer: Jack Sun
Non-Executive Directors:
- Simon Brickles
- James Lasry
Poulden issued the following statement:
“We are delighted to have received this news from the GFSC and look forward to completing the acquisition of the GSX. It is auspicious to be announcing this on the day of the Gibraltar Financial Services Lunch in London.
We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds. All our expansion plans will be fully regulated in the environments in which we plan to operate.
The GSX will harness proven exchange technology from established providers and will be updated with full front to back trading and clearing functionality on a significant scale and expandability.
Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.
We have created an excellent board to move the exchange forward and I am particularly pleased that Simon Brickles will remain as a Non-Executive Board member providing counsel from his extensive knowledge of exchanges and as the founding Father of the London Stock Exchange’s Alternative Investment Market (“AIM”).
Equally our robust governance structure includes James Lasry, a Partner at Hassans International Law Firm Limited where he is Head of Funds and Deputy Head of Financial Services. James has been a stalwart at the epicenter of Gibraltar’s financial centre development particularly in the funds segment.
Patrick L Young has been invaluable to Valereum already in helping plan our strategy and he brings a wealth of knowledge and forward thinking to the business of exchanges.”
At one point, GSX was working to become a hub of regulated digital assets providing a gateway for the European market. With the completion of the Valereum transaction, GSX will be heading in a new direction but one that incorporates digital assets as well. According to the Valereum website its mission is to create a “seamless NFT bridge between Fiat and Crypto Securities.”