London Capital Group Holdings has undergone its latest personnel move, only two weeks after its shareholders approved the company’s delisting from the London Stock Exchange. Nicholas Lee and former CEO Frank Chapman are relinquishing their roles as independent non-executive directors after a lengthy stint with the FX, CFDs and spread betting firm in London.
Mr. Chapman has been a mainstay with LCG, having joined its board back in 2003. He had been at the helm of the group for six years after assuming the role of Chief Executive Officer in 2004. Following his retirement in April 2010, he became a non-independent non-executive director.
Frank has over three decades of experience in the foreign exchange and derivatives markets. His lengthy career encompasses several senior roles, including as director and managing director at London Investment Trust, Baring Securities, Deutsche Morgan Grenfell and Amerex Petroleum. Frank is currently chairman of Oxygen Finance Ltd.
Nicholas Lee has also parted ways with LCG, ending a more than three-year tenure with the UK online trading services provider. He was originally appointed as a non-executive director of the company back in December 2014.
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Mr. Lee has more than 25 years of experience in international investment banking. He serves currently as executive chairman of AIM-listed Paternoster Resources plc.
LCG announced last month that after talks with its largest shareholder GLIO Holdings, it has decided to seek shareholder approval to cancel trading of its shares on the 6th of February 2018.
The company explained that its decision to cancel the listing was a result of its recent admission to the NEX Growth Market, and as the time is right to reduce the complexity and expense of maintaining listing on AIM, as well as citing the limited liquidity of its shares as a major concern.
With its core services concentrated on the trading products targeted by the UK and Europe regulators’ recent clampdown, the last few months have been a grim period for the UK’s online retail broker. The ailing company was hit by unexpectedly low levels of market volatility and the threat of the FCA and ESMA tightening their grip on the industry.
LCG’s market cap now stands at below £4.0 million. Still, the company said last year that its revenues jumped to £23.2 million ($30.3 million) in 2016, up 50 percent from £15.5 million ($20.3 million) the year before.