FCA regulated Retail Forex, CFDs and Spread Betting broker London Capital Group Holdings plc (LON:LCG) has announced that at an LCG shareholder meeting held earlier today, the company’s proposal to delist from the London Stock Exchange and move the company’s share listing to the NEX Exchange Growth Market run by NEX Group PLC (LON:NXG) was approved.
LCG’s last day of trading on the LSE’s AIM market will be next Tuesday, February 13. On February 14 the shares will begin trading on the NEX Exchange.
The delisting vote was really just a formality. The delisting required three-quarters of shareholders to approve the move. And, the company’s controlling shareholder GLIO Holdings owns 78.14% of the company and stated its intention to (of course) vote in favour of the move. GLIO is controlled by Charles-Henri Sabet, who also acts as LCG’s CEO.
The delisting move is being done mainly as a cost cutting exercise. Listings on the NEX Exchange are much less costly to maintain than on the AIM. And, LCG hadn’t seen much trading activity in its stock in the past year, as the company continues it turnaround under an investor group which bought the company about three years ago, led by CEO Charles-Henri Sabet.
The full announcement made by LCG on the matter reads as follows:
6 February 2018
London Capital Group Plc
Result of General Meeting
London Capital Group announces that at its general meeting held earlier today, the resolution to approve the cancellation of the admission of the Company’s ordinary shares to trading on AIM (“Cancellation”) was passed.
Accordingly, as detailed in the Company’s circular and announcement of 8 January 2018, the last day of dealings in the Company’s ordinary shares will be 13 February 2018 and at 7.00 a.m. on 14 February 2018 the Company’s ordinary shares will be cancelled from trading on AIM. Following the Cancellation, the Company’s ordinary shares will remain admitted to trading on the NEX Exchange.