21st Jan 2015 16:32
LONDON (Alliance News) - London Capital Group Holdings PLC Wednesday said will issue 14.4 million shares after receiving conversion notices for loan notes from investment vehicle GLIO Holdings Ltd and investment manager Hargreave Hale Ltd.
London Capital, which offers online financial trading to retail investors, said it is issuing 9.0 million shares to GLIO and 5.4 million shares to Hargreave Hale.
According to London Capital, the notice from GLIO's noticed is resulting in the conversion of 1.7 million loan notes at a price of 25.02 pence. In addition, interest of GBP583,800 is payable to GLIO in London Capital shares at the conversion price of 25.02 pence.
GLIO will hold a 12.76% stake in London Capital Group. Charles Henri-Sabet, London Capital Group's executive chairman, owns a 21.79% stake in GLIO through his ILOG Investments Ltd. Henri-Sabet also holds about 1.5 million shares in the company directly, about 2.6% of its voting rights,
In addition, HSBC Global Custody Nominee (UK) Ltd, acting on behalf of Hargreave Hale, served notice to convert 1.0 million loan notes at the same price of 25.02 pence each. Interest of GBP350,000 also is now payable to Hargreave Hale in London Capital shares at the conversion price.
The 14.4 million shares represent about 20% of London Capital's enlarged share capital.
London Capital Group shares were down 4.5% at 32.00 pence near the close Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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