Valereum GSX Change Of Control Approved

Valereum Chair Richard Poulden & Gibraltar Chief Minister Fabian Picardo discusses the VLRM acquisition of GSX live on Sky News Monday October 31st, 2022.

I was absolutely delighted this morning to see the RNS rolling through the regulatory firmament which confirms the GFSC approving the Change of Control for Valereum PLC to buy the Gibraltar Stock Exchange.

Fabian Picardo Chief Minister of Gibraltar discusses the VLRM acquisition of GSX live on Sky News Monday October 31st, 2022.

Clearly a lot of work went into the process and my Chairman Richard Poulden and the folks of Hassans legal practice in Gibraltar are amongst those who helped our team get the approval documentation completed. Thanks to the good folks of the Gibraltar FSC for steering this through their good offices. Now we’re into the home stretch of “i” dotting and “t” crossing to close the deal.

Valereum Chairman Richard Poulden, Chairman designate of GSX discusses the VLRM acquisition of GSX live on Sky News Monday October 31st, 2022.

There’s a lot to unpack in the original announcement today (Valereum Approved to Acquire Gibraltar Stock Exchange) — 3 or 4 news stories in one!

Some key highlights in today’s post are:

1. Change of Control Agreed — Valereum PLC can now proceed in closing the acquisition of the GSX (with the agreement of GFSC).
2. The incoming board post deal closure has been approved by GFSC.

Alongside Valereum Chairman Richard Poulden becoming the GSX Chairman, it’s exciting to be the incoming Chief Executive of the modest GSX team, stepping back into the role I first occupied at SIBEX a decade ago.

Our board is an excellent one. Alongside seasoned CFO Jack Sun, we have two terrific non-executives, the father of AIM, Simon Brickles (who will step aside as GSX Chairman on the deal’s completion but remain on the board) and James Lasry, a leading figure in the fund industry in Gibraltar and a partner as blue riband local law firm, Hassans.

The third mega announcement of the day is our SME plan. More to follow on this but the battle for SME funding is an issue the world over. However looking out from our doorstep at the western tip of Southern Europe from Gibraltar into Africa and across the Middle East, it is obvious the opportunity is simply enormous.

More details to follow but for now we’re delighted that our Change of Control approval has been granted so we can get on with closing the deal for Gibraltar Stock Exchange and move on to executing our plans.