Press release12 Jun 2015 14:36
Octagonal’s new acquisition to put David Lenigas in stockbroking business Share
June 12 2015, 12:22pm
Lenigas is among a group of major shareholders which will together own 61% of the company
City firm GIS services institutional clients and 'high net worth' individuals
AIM dealmaker David Lenigas has now added stockbroking and financial services to his portfolio of businesses.
Octagonal (LON:OCT) has signed an agreement to acquire all of Global Investment Strategy UK.
The investment vehicle previously owned just under 10% of the GIS business, which makes most of its money from settlement and safe custody services for institutional clients, family wealth offices and high net worth individuals.
Whilst these operations account for around 80% of turnover, the City firm also carries out stockbroking services such as execution-only trading, discretionary fund management and corporate broking.
A £1.7mln share placing and a capital reorganisation have been arranged in conjunction with the acquisition.
Lenigas, chairman of several AIM listed companies, is named among a number of major shareholders which together will own just over 61% of the enlarged company. He is not, however, on the board which will comprise chairman Grant Roberts, chief executive John Gunn and finance director Nilesh Jagatia, as well as non-executive director Martin Davison.
GIS is growing fast, Lenigas told his followers on Twitter. “And for the record. All my shares in OCT will be locked in for a year. I like this business and growth a lot,” he added.
The proposals announced today are subject to shareholder approval, and as such a general meeting will be held on June 29.
Sign In
Follow the stocks
