Spreadex Making a Move for London Capital Group, Discusses All-Cash Offer

Going public with the proposed bid, Spreadex confirmed that they have had discussions with London Capital Group (LCG) for the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of the firm. The statement comes as earlier on today LCG announced that despite comments made to the media by shareholders that they have received alternative offers, the board will continue to recommend pursuing a proposed £17.5M financing offer from GLIO Holdings.

According to Spreadex, they submitted a preliminary non-binding all cash proposal of 30p per LCG share which was rejected by LCG’s board and no discussions are currently taking place. Spreadex added that any firm offer from them would be subject to certain pre-conditions including;

• the proposed financing announced by LCG on the 17th of June, 2014, not proceeding;
• satisfactory completion of a due diligence review by Spreadex;
• the unanimous and unqualified recommendation by the directors of LCG of the terms of any offer; and
• the directors of LCG giving irrevocable undertakings to accept any offer in respect of their LCG shares (or to vote in favour of a scheme of arrangement).

The public statement from Spreadex comes as LCG shareholders are set to vote tomorrow on determining whether to accept the £17.5M financing offer. Privately held, according to Spreadex, for the year ended May 31, 2014, the firm recorded £35M in turnover with a pre-tax profit of £18.5M.

Earlier today, LCG CEO, Kevin Ashby, commented to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates that they view the financing proposal as a solid one, in part because the money has been committed and it provides an opportunity for them to apply their operational goals. In terms of the proposed offer from Spreadex, while well above current LCG stock levels of 21p, the 30p price is only 10% above where LCG stock had traded before the GLIO Holdings' proposal emerged.