27 Aug 2014 11:54
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Don't have an account? Click here to register.LCG proposes £10.7m placing to continue Sabet's laboured restructuring
Tue, 21st Jun 2016 14:02
(ShareCast News) - London Capital Group has proposed a £10.7m equity fundraising, with chief executive Charles-Henri Sabet GLIO vehicle eyeing an 80% stake in the company to replace earlier loans to the spread betting provider.Sabet, the Swiss banker who first invested in LCG in 2014 and later that year became executive chairman, said in a letter to shareholders that the placing of 215.25m new shares at 5p each was the "only realistic route" to providing what he feels is a necessary increase in Tier 1 capital to support current activities and anticipated future growth.GLIO is subscribing for 195.6m of the new shares, which will see its stake in LCG jump from around 20% to more than 80% as the fundraising repays £8.2m of convertible loan notes (CLNs) owed to GLIO as the notes are convertible into stock at a price of 25p per LCG share."The company has considered raising additional equity from new investors, by way of a placing of new shares at a discount to the company's prevailing share price. The company has approached various potential new investors with regard to such investment," the statement said."However, as a consequence of the company's financial and share price performance... this has been without success."At the end of 2015, LCG's common equity tier 1 capital was £8.4m, after the financial restructure, this will be increased to £12.7m.Since the beginning of 2015, LCG's shares have collapsed from 42p to almost 5p, as prior profits swung into losses.Sabet claims his efforts to restructure have taken longer than expected, hampered by external factors such as the surprise Swiss National Bank exchange rate move in January last year.But many of the Swiss's hires have jumped ship in recent months, including head analyst Brenda Kelly, head of marketing Ollie Rosewell, together with heads of sales trading, compliance, legal and chief operating officer all departing in 2016, Digital Look understands.By mid-afternoon on Tuesday the shares were down 7.6% to 5.16p.
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31 Jul 2014 15:42
17 Jul 2014 11:49
17 Jul 2014 08:21
London Capital Group blames competition and low market volatility for H1 loss
Spread-betting firm London Capital Group (LCG) announced lower half-year revenue, forecast a drop into the red and said it was launching a cost-cutting drive. LCG, which owns Capital Spreads, said first-half revenue from continuing operations dropped to £9.2m from £15.2m a year ago. It expects an
Read more2 Jul 2014 15:56
London Capital Group rebuffs Spreadex takeover bid
Spread-betting firm Spreadex is mulling its next steps after embattled rival London Capital Group rebuffed its £16.7m takeover bid. Spreadex said it was "considering its options" after LCG, which owns Capital Spreads, turned down its 30p per share offer. The suitor said no discussions were taking
Read more2 Jul 2014 10:02
2 Jul 2014 09:50
London Capital Group "facing undisclosed takeover offers"
Embattled spread-betting firm London Capital Group has allegedly turned down a number of takeover bids that, according to media speculation, would benefit shareholders more than the financing it will put to them at an emergency meeting on Thursday. The spread-betting and CFD company recently propos
Read more18 Jun 2014 11:47
UK MIDDAY BRIEFING: BOE Policy Makers Still Unanimous
LONDON (Alliance News) - Bank of England policymakers unanimously decided to leave the key interest rates and asset purchase programme unchanged at the monetary policy meeting held on June 4 and 5, the minutes of the meeting showed Wednesday.
All nine members of the Monetary Policy
18 Jun 2014 11:24
UK WINNERS & LOSERS: Iraq Crisis Lifts Oil Prices, Oil Companies
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.
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FTSE 100 - WINNERS
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Royal Dutch Shell, up 1.9%. The oil major and state-owned China National Offshore Oil Corpor
17 Jun 2014 17:20
London Capital Group To Raise GBP17.5M In Financing
LONDON (Alliance News) - London Capital Group Holdings PLC said Tuesday that it plans to raise up to GBP17.5 million through a proposed financing as part of its plan to return to growth. The company said that GLIO Holdings Ltd, an investment company led by Charles-Henri Sabet, will subscrib
Read more2 May 2014 09:09
London Capital Swings To Quarterly Loss, Plans Convertible Placing
LONDON (Alliance News) - London Capital Group Holdings PLC Friday said it swung to a first-quarter GBP400,000 pretax loss from a GBP700,000 pretax profit a year earlier as it unveiled a placing of about GBP15.0 million in convertible loan notes. London Capital said GLIO Holdings Ltd, an inv
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