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Screenshot of a breaking news alert e-mail from Q2 2017
Ashby’s shares only vest in 2017, and he benefits only if they increase more than 50% from current prices.
UK online broker London Capital Group (LON:LCG) has announced that its new CEO, Saxo Bank veteran Kevin Ashby, has acquired more than 2.6 million LCG shares, bringing his total holdings to about 5% of outstanding LCG equity.
The shares only fully vest in 2017, and Mr. Ashby will benefit only if LCG shares increase to above 49 pence per share. They’re currently at about 32p each, meaning that Mr. Ashby has to lead a 50%+ rise in LCG shares before he can profit on his own holdings.
Now that’s called having skin in the game!
LCG has seen significant management turnover in 2013. Mr. Ashby is LCG’s third CEO this year, following the brief tenure of Mark Slade who followed longtime CEO Simon Denham’s departure early in the year. LCG CFO Siobhan Moynihan resigned in November.
The LCG press release on Kevin Ashby’s purchase can be found here.