London Capital Group (LCG) has announced that Charles Henri-Sabet has been appointed as the company’s Executive Chairman, replacing Giles Vardey who is stepping down from the position. The announcement finalizes LCG’s previous shareholder approved financing of up to £17M from Henri-Sabet led GLIO Holdings. As part of the financing agreement, Henri-Sabet was slated to take an active role in LCG as its Executive Chairman. Although agreed upon at the time of announcing the financing, the current announcement marks Henri-Sabet’s receiving of regulatory approval of the appointment. In becoming Executive Chairman, Henri-Sabet is leaving his post of Director at GIO Global Investments Opportunities Management which he has held until recently.
In their public disclosure of the news, LCG stated, “Mr. Sabet has spent a considerable amount of time getting to know the Company’s business, understanding the Group and the Board’s longer-term growth strategy. The Board looks forward to his active involvement in the day-to-day running of the Company.”
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Following the news and finalizing of the financing, in early trading, shares of London Capital Group (LCG.L) have hit a high of 27.00p, rising 9.1% from yesterday’s close.