17 Oct 2014 07:00
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 £17 million (before expenses) through the issue of 67,945,644 convertible loan notes of £1.00 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 £16.28 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 loan notes issued | Ordinary shares to be issued in satisfaction of the minimum interest return (assuming no tax deductions) | Warrants issued | |
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.