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Unlisted platform changes hands and manager

Wednesday 12th May 2010

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Private equity firm Armillary has taken over management of the Unlisted share trading platform as its existing shareholders buy back the bulk of the shares previously owned by the previous majority shareholder, General Market Company (formerly M-Co).

Armillary will take over at Unlisted from the current operator, Efficient Market Services, on June 1, with Armillary director David Wallace taking primary responsibility for the operation of the alternative equity-raising vehicle which has helped raise $170 million for emerging companies since its establishment in 2003.

Under the management of Unlisted principal Bruce Cossill, the Unlisted platform has facilitated trades valued at more than $135 million and represents assets with a total value of $880 million, and representation through nine broking firms.

The Unlisted trading facility is not a registered stock exchange, and its appeal is intended to be lower capital-raising and compliance costs, with issuers bound by standard terms and conditions, and applicable securities and commercial law.

Armillary and its predecessors have been established since 1992, specialising in investment funding, funds management, and financial training and advisory services.

Sharechat provides prices for stocks on the Unlisted platform here

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