City executives seek £4m to fund 'mini-Nasdaq' growth exchange

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

Sky News has learnt that Jon Prideaux, a erstwhile main enforcement of London-listed Boku, and erstwhile AIM brag Martin Graham, person approached investors astir a £4m fundraising for the Global Growth Market (GGM).

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

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Sources adjacent to the caller marketplace said it would destruct money absorption fees and carried involvement successful instrumentality for providing fractional 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 gathering 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 with the Financial Conduct Authority.

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

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

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

LSEG has repeatedly 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.