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Screenshot of a breaking news alert e-mail from Q2 2017
LCG heads out of the wilderness as it gears up for £15 million loan note from prominent investor in trading platforms
London Capital Group (LON:LCG) has announced today that it is planning a placing of convertible loan notes of approximately £15 million. This placing will be subscribed for in full or in large part by GLIO Holdings Limited (“GLIO”).
GLIO is an investment company led by Charles-Henri Sabet who is, and has previously been, a significant and successful investor in online trading platforms.
The placing is subject to a number of conditions including the approval of London Capital Group shareholders, receipt of the appropriate regulatory consents and confirmatory due diligence.
This is likely to provide a much needed capital injection into London Capital Group, which last year continued its endeavor to manage its way out of the red and into the black, eventually becoming the subject of potential take-overs by various large FX firms, all of whom did not proceed, leaving London Capital Group to go it alone.
Currently, London Capital Group has not provided the full strategic rationale behind the proposed deal, nor has any estimation of the proportion that can be converted into equity been divulged, however the company intends to make a further announcement in due course.