London Capital Group Holdings PLC Completion of Financing (5396U)
October 17 2014 - 2:02AM
UK Regulatory
TIDMLCG
RNS Number : 5396U
London Capital Group Holdings PLC
17 October 2014
London Capital Group Holdings plc
("LCG" or the "Company")
Completion of Financing
17 October 2014
Further to the Company's announcement on 1 October 2014, LCG is
pleased to announce that it has raised GBP17 million (before
expenses) through the issue of 67,945,644 convertible loan notes of
GBP1.00 each, to GLIO Holdings Limited ("GLIO"), Hargreave Hale
Limited, and Mr Tyler Rameson at a conversion price of 25.02p. The
proceeds (net of transaction costs) of the financing are GBP16.28
million.
In accordance with the terms of the convertible loan notes, as
further described in the circular to Shareholders dated 17 June
2014 (the "Circular"), those investors issued with the convertible
loan notes have also been granted warrants and shall be entitled,
upon the exercise of their convertible loan notes, to be issued
ordinary shares (in satisfaction of the Minimum Interest Return, as
defined in the Circular), as shown in the table below:
Convertible Ordinary shares Warrants
loan notes to be issued in issued
issued satisfaction of
the minimum interest
return (assuming
no tax deductions)
GLIO Holdings
Limited 59,952,038 20,983,213 80,935,251
------------ ---------------------- -----------
Hargreave Hale 3,996,803 1,398,881 5,395,683
------------ ---------------------- -----------
Mr Tyler Rameson 3,996,803 1,398,881 5,395,683
------------ ---------------------- -----------
The warrants issued to GLIO may be exercised in full or in part
in minimum tranches of 5,000,000 and the warrants issued to
Hargreave Hale and Mr Tyler Rameson may be exercised in full or in
part in minimum tranches of 1,000,000 at any time upon 10 business
days' notice up and until the maturity date, being 7 years from the
date of issue, provided that the equivalent number of convertible
loan notes have been converted.
Charles-Henri Sabet, Executive Chairman of LCG, said:
"The proceeds from the financing provide the Company with a firm
platform for management to progress with the next stage of
development across our chosen business lines as we build upon our
services to customers and the generation of returns to all the
Company's investors."
For further information, please refer to the Circular, which may
be found on the Company's website at www.londoncapitalgroup.com
London Capital Group Holdings plc
Charles-Henri Sabet, Executive Chairman
020 7456 7000
Cenkos Securities plc
Nicholas Wells
020 7397 8900
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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