London Capital Group Holdings PLC Financing Update (2126T)
October 01 2014 - 11:11AM
UK Regulatory
TIDMLCG
RNS Number : 2126T
London Capital Group Holdings PLC
01 October 2014
London Capital Group Holdings plc
("LCG" or the "Company")
Financing update
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 it has
entered into a convertible loan note instrument ("Institutional
Investors CLN Instrument") relating to the subscription of
GBP2,000,000 in principal amount of unsecured convertible loan
notes of GBP1.00 each in the capital of the Company (the "CLN
Subscription") by the following persons ("Institutional Investors")
and in the following proportions:-
a) Hargreave Hale (registered in the name of HSBC Global Custody
Nominee (UK) Limited) for GBP1,000,000 convertible loan notes;
and
b) Mr Tyler Rameson (registered in the name of JIM Nominees
Limited) for GBP1,000,000 convertible loan notes,
(together, the "CLNs") each at a conversion price to be
determined, according to the conversion price calculation, referred
to in the Institutional Investors CLN Instrument. In connection
with and conditional on the above CLN Subscription, the Company
shall issue warrants to the Institutional Investors, to subscribe
for new ordinary shares of GBP0.10 each in the capital of the
Company in proportion to the number of CLNs to be subscribed for by
the Institutional Investors, each at a price of 45 pence per
share.
Following the recent relevant Approvals of Mr Charles-Henri
Sabet and GLIO, as announced by the Company on 14 August 2014, the
Institutional Investors CLNs will become due for subscription once
the conversion price has been determined (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 referred to in the
Institutional Investors CLN Instrument. A further announcement(s)
will be made in due course following the subscription of the
convertible loan notes by GLIO and the Institutional Investors
respectively.
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.
For further information, please contact:
www.londoncapitalgroup.com
London Capital Group Holdings plc
Charles-Henri Sabet, Executive Chairman
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
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