13th Sep 2013 08:50
LONDON (Alliance News) - Online trading services firm London Capital Group (LCC) Friday said it has agreed to sell Gibraltar-based subsidiary ProSpreads Limited to Apostar Holdings Limited for GBP1.5 million.
ProSpreads provides direct-market-access financial spread betting, aimed at professional clients.
LCG said it is selling the business for a premium above its net asset value. It said it expects to receive cash of GBP1.5 million following adjustments for working capital and the settlement of inter-group balances.
Net profit on the disposal is expected to be in the region of GBP0.1 million, with the proceeds used for working capital in LCG's UK businesses.
The completion of the sale is conditional on, amongst other things, approval from the financial regulator in Gibraltar. The disposal will be undertaken by way of a transfer of the securities held in ProSpreads.
LCG shares were trading at 34.60 pence Friday morning, up 0.10 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
London Capital Group Holdings