London Capital Group Holdings plc (LON:LCG) announced today January 23rd, 2015 that 10,435,000 ordinary shares in London Capital Group (“JSOP Shares”) were issued to senior employees as JSOP awards and are held jointly between the company’s employee benefit trust (“EBT”) and each employee.
The EBT was set up to provide long-term performance-related incentives to employees to assist with the retention of key employees. The JSOP Shares were issued from the pool of 12,480,000 unallocated ordinary shares held by the EBT.
The issue of JSOP Shares to employees from shares held in the existing EBT does not alter the total number of ordinary shares of LCG in issue. Those persons awarded JSOP Shares will benefit from growth in value of an ordinary share above 46 pence per share. The JSOP Shares will only vest in full after January 23rd, 2018.
As part of this award Charles-Henri Sabet, executive chairman, was issued a total of 5,000,000 JSOP Shares.
*Mr. Sabet will also hold an indirect interest in the 9,000,000 LCG ordinary shares, which will be held by GLIO Holdings Limited (“GLIO”), following the recently announced conversion of GLIO Convertible Loan Notes, conditional upon Admission on January 30th 2015. Mr. Sabet holds a 21.79% interest in GLIO through his 100% interest in ILOG Investments Limited, GLIO’s largest shareholder.
The percentage is calculated based on the enlarged total voting rights (70,545,513) following the recent conversion of Convertible Loan Notes and issue of equity, conditional on Admission, as announced by the Company on January 23rd, 2015.
To read the official filing from the London Stock Exchange, click here.