London Capital Group Holdings PLC Financing update - FCA Approvals (1999P)
August 14 2014 - 11:37AM
UK Regulatory
TIDMLCG
RNS Number : 1999P
London Capital Group Holdings PLC
14 August 2014
London Capital Group Holdings plc
("LCG" or the "Company")
Financing update - FCA Approvals
Further to the Company's announcement on 17 June 2014,
concerning the proposed financing to raise up to GBP17,500,000,
through the Issue of convertible loan notes to GLIO and
Institutional Investors, LCG is pleased to announce that the
relevant FCA Approvals have now been obtained in respect of, inter
alia, Mr Charles-Henri Sabet and GLIO, which satisfies the
remaining conditions relating to GLIO's subscription of not less
than GBP12.5 million and up to GBP15 million in principal amount of
convertible loan notes in respect of the Financing.
The first approval granted by the FCA allows Mr Sabet to carry
on the CF1 (Director) function in relation to LCG (this being on
the basis of his proposed appointment as Executive Chairman of the
Company).
The second approval relates to the approval of, inter alia, GLIO
as a controller of LCG in accordance with section 178 of FSMA.
GLIO's subscription will be required to be made following the
determination of the conversion price of the GLIO CLNs (assuming
that there is no outstanding event of default and LCG's net assets
are not less than GBP8.5 million) in accordance with the terms of
the GLIO CLN. A further announcement will be made in due course
following such determination.
A further announcement will also be made in due course with
respect to the proposed subscription by certain institutional
investors of the Institutional Investors Convertible Loan
Notes.
Save where the context requires, capitalised terms within this
announcement have the same meaning as those in the circular to
Shareholders, published on 17 June 2014 (the "Circular"). Further
detail regarding the Approvals and the Financing can be found in
the Circular, which is available to view on the Company's website
at: www.londoncapitalgroup.com
London Capital Group Holdings plc
Kevin Ashby, Chief Executive Officer
020 7456 7000
Cenkos Securities plc
Nicholas Wells
020 7397 8900
Smithfield Consultants
John Kiely
020 7360 4900
Notes to Editors:
London Capital Group Holdings plc (hereafter "LCGH plc" or "LCG"
or "London Capital Group" or "the Group") is a financial services
company offering online trading services.
London Capital Group Limited (LCG Ltd), a wholly owned trading
subsidiary of LCGH plc, is authorised and regulated by the
Financial Conduct Authority. Its core activity is the provision of
spread betting and CFD products on the financial markets to retail
clients under the trading names Capital Spreads, Capital CFDs and
LCG MT. Its other division provides online foreign exchange trading
services to institutional and professional clients. LCG Ltd is one
of the leading providers of white label financial spread trading
and CFD platforms and its white label partners include TD Direct
Investing, Bwin.party, and Saxo Bank.
LCG Ltd has a European passport and is a member of the London
Stock Exchange. LCG Ltd also has access to international markets
through its global clearing relationships.
LCGH plc is listed on the London Stock Exchange's AIM market.
LCG is included in the General Financial sector (8770) and
Speciality Finance sub sector (8775) and has a RIC code of
LCG.L.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQKQDNPBKDQFD
London Capital Hldgs (LSE:LCG)
Historical Stock Chart
From Jun 2024 to Jul 2024
London Capital Hldgs (LSE:LCG)
Historical Stock Chart
From Jul 2023 to Jul 2024