City Executives Seek £4m To Fund ‘mini-nasdaq’ Growth Exchange - Beritaja

A group of City executives are raising millions of pounds to money the motorboat of a ‘mini-Nasdaq’ speech aimed astatine task capital-backed companies.

Beritaja has learnt that Jon Prideaux, a erstwhile main executive of London-listed Boku, and erstwhile AIM leader Martin Graham, person approached investors about a £4m fundraising for the Global Growth Market (GGM).

The project, which usurps an earlier connection from the executives to return complete the moving of AIM from London Stock Exchange Group, intends to revive the nationalist marketplace for maturation companies by attracting superior from task costs which predominantly put successful backstage businesses.

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Sources adjacent to the caller marketplace said it would destruct money guidance fees and carried liking successful return for providing half of the superior needs of eligible companies, successful an effort to incentivise them to usage the GGM.

"Public markets stopped moving for maturation companies years ago," said Mr Prideaux, the GGM chairman.

"We are building a caller marketplace that brings some companies and superior backmost to the nationalist markets - by offering a amended woody to both."

The £4m being targeted successful the fundraising discussions is aimed astatine providing superior for the GGM's exertion level and to spot it done a licensing exertion process pinch the Financial Conduct Authority.

A teaser document, which has been seen by Beritaja, has been circulated to prospective investors.

In it, GGM cites said location were "more than 30,000 late-stage task companies, holding $4 trillion successful value, stranded successful backstage portfolios".

"Founders can't raise efficiently. Investors can't exit. Employees can't sell. Public markets are excessively cumbersome; backstage superior is over-stretched," the archive said.

LSEG has many times said that neither AIM nor the main London Stock Exchange are for sale, contempt concerns that their minuscule contributions to the group's net person relegated their value wrong it astatine a clip erstwhile the City is losing retired to rivals for lucrative nationalist listings.