27 May 2008 07:00
27 May 2008
London Capital Group Holdings plc ("LCG" or "the Group")
Acquisition of FuturesBetting.com Limited ("FuturesBetting.com")
London Capital Group Holdings plc, the leading online financial spread betting and trading company, is pleased to announce that it has acquired FuturesBetting.com, a Gibraltar based financial spread betting business. The consideration consists of an initial £200,000 paid on completion plus a maximum of a further £200,000 dependant upon performance over a three year period.
The acquisition has been financed out of existing financial resources within the Group and will not require any external debt or equity capital.
Launched in 2005, FuturesBetting.com provides experienced traders with a professional trading platform that offers fast and reliable spread betting execution on major indices, currencies and commodities. The platform is particularly popular with individual professional traders as it offers unique DMA (Direct Market Access) functionality which is unavailable on other spread betting platforms.
LCG will operate FuturesBetting.com as a stand-alone platform with its own marketing and brand positioning. LCG expects FuturesBetting.com's position to be strengthened by leveraging LCG's customer base and by targeting more sophisticated and experienced investors.
The FuturesBetting.com platform will go live shortly.
For information regarding opening new spread betting accounts, please contact FuturesBetting.com's Customer Service in Gibraltar on telephone number 00350 200 47310.
Frank Chapman, CEO of London Capital Group, said:
"We have always greatly admired the quality of the FuturesBetting.com spread betting platform and are delighted to have the opportunity to acquire the business. FuturesBetting.com's professional investor client base will naturally complement Capital Spreads, our existing spread betting division. There is no doubt that the business will fit well with our expansion plans as we grow the enlarged group both organically and via white label partnerships."
Simon Brown, Managing Director of FuturesBetting.com, said:
"LCG has clearly demonstrated that it is a leader in the provision of financial spread betting services and white label partnerships. We are delighted to be part of the group at this latest stage of its rapid development."
For further information, please contact: www.londoncapitalgroup.com
London Capital Group Holdings plc 020 7456 7000
Frank Chapman, Chief Executive Officer
Cenkos Securities plc 020 7397 8900
Ian Soanes / Camilla Hume
Smithfield Consultants 020 7360 4900
George Hudson
Notes to Editors:
London Capital Group Holdings plc is a rapidly growing financial services company offering online trading services. Its core activity is the provision of spread betting products on the financial markets to retail clients under the trading name Capital Spreads. Its other divisions provide online foreign exchange trading services to institutional and intermediate clients under the Capital Forex brand and institutional derivatives and equities broking under the name Capital Derivatives.
Based in London, LCG is regulated and authorised by the Financial Services Authority, has a European passport and is a member of the London Stock Exchange. LCG also has access to other international and domestic markets through its global clearing relationships.
LCG floated on the London Stock Exchange's AIM market on 22nd December 2005 at an issue price of 82p. LCG is included in the General Financial sector (8770) and Speciality Finance sub sector (8775) and has a RIC code of LCG.L.