LCG announces £17.5m proposed financing plan

18 June 2014

Online financial services and spread betting firm London Capital Group (LCG) has announced that it intends to generate up to £17.5 million (€21.9 million) through a financing plan.

The move would see Charles-Henri Sabet appointed as executive chairman of the company.

GLIO Holdings, chaired by Sabet, will contribute between £12.5 million and £15 million to the financing, while institutional investors will supply between £500,000 and £2.5 million.

The proposed financing is conditional, inter alia, on the passing of the resolutions, which will be put forward to the firm’s shareholders at its general meeting on July 3.

A circular containing the full details of the proposed financing has already been posted to shareholders.

Kevin Ashby, chief executive officer of LCG, said: “The additional funds and the involvement of Charles-Henri Sabet will enable the business to accelerate our strategy of introducing new products and growing internationally.”

Related article: LCG ‘stronger’ despite revenue fall in 2013