14 Aug 2014 16:37
London Capital Group Holdings plc
("LCG" or the "Company")
Financing update - FCA Approvals
Further to the Company's announcement on 17 June 2014, concerning the proposed financing to raise up to £17,500,000, through the Issue of convertible loan notes to GLIO and Institutional Investors, LCG is pleased to announce that the relevant FCA Approvals have now been obtained in respect of, inter alia, Mr Charles-Henri Sabet and GLIO, which satisfies the remaining conditions relating to GLIO's subscription of not less than £12.5 million and up to £15 million in principal amount of convertible loan notes in respect of the Financing.
The first approval granted by the FCA allows Mr Sabet to carry on the CF1 (Director) function in relation to LCG (this being on the basis of his proposed appointment as Executive Chairman of the Company).
The second approval relates to the approval of, inter alia, GLIO as a controller of LCG in accordance with section 178 of FSMA.
GLIO's subscription will be required to be made following the determination of the conversion price of the GLIO CLNs (assuming that there is no outstanding event of default and LCG's net assets are not less than £8.5 million) in accordance with the terms of the GLIO CLN. A further announcement will be made in due course following such determination.
A further announcement will also be made in due course with respect to the proposed subscription by certain institutional investors of the Institutional Investors Convertible Loan Notes.
Save where the context requires, capitalised terms within this announcement have the same meaning as those in the circular to Shareholders, published on 17 June 2014 (the "Circular"). Further detail regarding the Approvals and the Financing can be found in the Circular, which is available to view on the Company's website at: www.londoncapitalgroup.com
London Capital Group Holdings plc
Kevin Ashby, Chief Executive Officer
020 7456 7000
Cenkos Securities plc
Nicholas Wells
020 7397 8900
Smithfield Consultants
John Kiely
020 7360 4900
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.