FXCM bought 50% of institutional FX market maker Lucid in 2012 for $176 million, paid mainly in FXCM stock.
Cash might be king, but shares aren’t bad either, especially if they go up…. LeapRate has learned, via a series of filings made with the U.S. Securities and Exchange Commission (SEC), that Lucid Markets principal Fred Wilhelm has sold about $19 million worth of FXCM stock since the end of August (see table below). FXCM acquired 50% of Lucid Markets in June 2012 for $176 million, paid mainly in FXCM stock (NYSE:FXCM).
The sales were made over time, mainly in two blocks during September and then again over the last two weeks. Wilhelm still holds about 4.2 million FXCM shares worth about $70 million, so the shares sold represent about 20% of his overall FXCM holdings.
Wilhelm and the other Lucid shareholders have done well by taking back FXCM shares for their company. At the time of the Lucid acquisition, FXCM shares were trading in the $10-11 range. Some of Wilhelm’s share sales were done at above $19, while the lowest price received was $16.20.
FXCM share price, January 2012 to present. Source: Google Finance.