Three months have now passed since London Capital Group Holdings plc (LON:LCG) received its £17 million financing package from avantgarde FX industry figure Charles-Henri Sabet, representing the first step in rejuvenating the firm from its status as an ailing CFD and spread betting broker to a modern liquidity and technology provider with some of the FX industry’s most talented leading the firm forward.
At the time, the deal which took place on Friday October 17, consisted of Mr. Sabet’s GLIO Holdings having been issued 20,983,213 ordinary shares, 59,952,038 convertible loan notes, and 80,935,251 warrants.
Yesterday, the company announced via the London Stock Exchange that, on 20 January 2015, the London Capital Group approved a notice from GLIO Holdings Limited (“GLIO”) to convert 1,688,000 loan notes of £1.00 each in LCG at a price of 25.02p in accordance with the terms of the GLIO Convertible Loan Note Instrument (“CLN”) dated 17 June 2014.
Interest of £583,800 is payable to GLIO in LCG ordinary shares at a conversion price of 25.02p.
Accordingly, an application has been made for 9,000,000 ordinary shares of 10p each to be admitted to trading on AIM (“First Admission”). It is expected that First Admission will occur at 8.00am on 30 January 2015.
The Company also confirmed via the same announcement via the London Stock Exchange that on 20 January 2015, HSBC Global Custody Nominee (UK) Limited, on behalf of Hargreave Hale Limited served notice to convert 1,000,000 loan notes of £1.00 each in LCG at a price of 25.02p in accordance with the terms of the Institutional Investors Convertible Loan Note Instrument dated 1 October 2014. Interest of £350,000 is payable to Hargrave Hale Limited in LCG ordinary shares at a conversion price of 25.02p.
Accordingly, an application has been made for 5,395,684 ordinary shares of 10p each to be admitted to trading on London Stock Exchange’s Alternative Investment Market (AIM), to be referred to as the Second Admission. It is expected that Second Admission will occur at 8.00am on 4 February 2015.
On October 1 this year, London Capital Group announced that relating to the subscription of £2,000,000 in principal amount of unsecured convertible loan notes of £1.00 each in the capital of the Company (the “CLN Subscription”), Mr Hargreave Hale (registered in the name of HSBC Global Custody Nominee (UK) Limited) would account for £1,000,000 convertible loan notes; and Mr. Tyler Rameson (registered in the name of JIM Nominees Limited) for £1,000,000 convertible loan notes, in joining Mr. Sabet in order to participate in the financing. Subsequently, Mr. Hale and Mr. Rameson have now received 1,398,881 ordinary shares each as part of the deal.
Following Second Admission, the Company’s issued share capital will consist of 71,545,513 ordinary shares, of which 1,000,000 are held in treasury. The Company’s total voting rights will therefore be 70,545,513. This figure (70,545,513) may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Rules and Transparency Rules.
Following Second Admission, GLIO will hold 9,000,000 ordinary shares of 10p each in London Capital Group, representing approximately 12.76 per cent of the Company’s enlarged total voting rights. Charles-Henri Sabet, Executive Chairman, owns a 21.79 per cent. interest in GLIO through his 100 per cent. holding in ILOG Investments Limited.
For the official announcement from London Stock Exchange, click here.