London Capital Group Holdings PLC Funding of Employee Benefit Trust (4721Y)
December 01 2014 - 6:40AM
UK Regulatory
TIDMLCG
RNS Number : 4721Y
London Capital Group Holdings PLC
01 December 2014
1 December 2014
LONDON CAPITAL GROUP HOLDINGS PLC
("London Capital Group", "LCG", the "Company" or the
"Group")
Funding of Company's Employee Benefit Trust ("EBT") for Company
growth strategy.
The Company announces that it has funded its Employee Benefit
Trust ("the EBT") through an intercompany loan of GBP3,165,750
between London Capital Group Limited and the EBT. This loan
facilitated the purchase of 9.0 million ordinary shares at a price
of 35p per ordinary share in LCG from GLIO Holdings Limited
("GLIO") to fund the EBT for any future issue of share options to
employees as part of long-term performance related incentive
schemes. The Company also transferred 45,000 ordinary shares from
treasury to the EBT.
The EBT was set up to provide long-term performance-related
incentives to employees whereby the EBT owns ordinary shares in the
Company jointly with employees. The EBT helps with the retention of
key employees who may add long term value to the Company without
dilution to the shareholder base. The issue of any shares to
employees held in the existing EBT does not alter the total number
of ordinary shares of the Company in issue.
The 9.0 million ordinary shares sold by GLIO to the EBT were
today acquired by GLIO, under the terms of agreements between GLIO
and certain existing shareholders of the Company allowing GLIO to
acquire a maximum of 9.1 million ordinary shares, as per various
announcements published by LCG on 8and 9 July 2014.
Following the transfer of 45,000 ordinary shares, LCG no longer
holds any shares in treasury and the total voting rights in the
Company equal its issued share capital of 55,800,908 ordinary
shares. Following the financing, the EBT holds 12,480,000 ordinary
shares in LCG representing 22.4 per cent. of the Company's issued
share capital.
The Company's board of directors considers, having consulted
with its nominated advisor, that the terms of the transaction are
fair and reasonable for shareholders in the Company.
ENDS
For further information, please contact:
London Capital Group Holdings plc
Charles-Henri Sabet, Executive Chairman
020 7456 7000
Cenkos Securities plc
Nicholas Wells
020 7397 8900
Morgan Rossiter
James Rossiter/ Richard Morgan Evans
0203 195 3240
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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