25th Sep 2015 09:05
LONDON (Alliance News) - London Capital Group Holdings PLC on Friday said Chief Executive Officer Charles-Henri Sabet bought 800,000 shares at a price of 15 pence per share Thursday, the same day the spread betting firm posted a large loss.
Following this transaction, Sabet holds 7.8 million shares, which represents a 10.39% stake.
On Thursday, London Capital said its pretax loss ballooned and its revenue dropped heavily following a major restructuring which resulted in a loss of foreign exchange customers. The company said its pretax loss for the six months to the end of June was GBP8.6 million, substantially wider than the GBP400,000 loss it made a year earlier, as restructuring costs exacerbated a plunge in its revenue in the half to GBP5.3 million from GBP9.2 million, which was not accompanied by a major cut in its cost of sales.
Shares in the online provider of spread betting and contracts-for-difference were up 3.5% at 15.00p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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