17th Oct 2014 07:45
LONDON (Alliance News) - London Capital Group Holdings PLC Friday said it has completed its multi-million pound financing as it issued 68 million convertible loan notes to GLIO Holdings Ltd, Hargreave Hale Ltd, and Tyler Rameson at a conversion price of 25.02 pence.
In a statement, London Capital said net proceeds from the financing total GBP16.3 million. It said the investors issued with the convertible loan notes have also been granted warrants. When the investors convert the loan notes, they will be entitled to ordinary shares in the company.
The warrants issued to GLIO may may be exercised in full or in part in minimum tranches of 5 million, while those issued to Hargreave Hale and Rameson may be exercised in full or in part in minimum tranches of 1 million. According to London Capital group, the exercise of warrants can take place at any time upon 10 business days' notice up and until the maturity date, which is seven years from the date of issue, provided that the equivalent number of convertible loan notes have been converted.
"The proceeds from the financing provide the company with a firm platform for management to progress with the next stage of development across our chosen business lines as we build upon our services to customers and the generation of returns to all the company's investors," Executive Chairman Charles-Henri Sabet said in a statement.
| Convertible loan notes issued | Ordinary shares to be issued in satisfaction of the minimum interest return (assuming no tax deductions) | Warrants issued |
GLIO Holdings Limited | 59,952,038 | 20,983,213 | 80,935,251 |
Hargreave Hale | 3,996,803 | 1,398,881 | 5,395,683 |
Mr Tyler Rameson | 3,996,803 | 1,398,881 | 5,395,683 |
London Capital Group shares were Friday untraded at 28.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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