According to a regulatory filing, London Capital Group Holdings’ (LON:LCG) Executive Chairman Charles-Henri Sabet has purchased 650,000 ordinary shares in the company of 10p each at a price of 35 pence (in line with yesterday’s closing price).
After the acquisition, the number of shares owned by Mr. Sabet totals 1.16% of London Capital Group Holdings’ (LON:LCG) float. The purchase comes several months after GLIO Holdings, a consortium of investors led by the current Executive Chairman, purchased £15 million worth of convertible notes backed by a substantial stake in the company with 75 million warrants outstanding.
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After the investment, London Capital Group Holdings (LON:LCG) has taken a new direction, hiring Francois Nembrini as Global Head of Sales and Trading. After twelve years with FXCM, Mr. Nembrini joined the company to lead the effort into a new direction.
Following shareholder approval, London Capital Group Holdings (LON:LCG) entered into a multi-year licensing agreement to become the exclusive provider of the Algoweb trading platform and liquidity management software, of which Mr. Sabet owns 50%.
The company is gearing to leverage its talent and technology to merge traditional voice broking business with electronic trading, as explained by Mr. Nembrini to Forex Magnates in an exclusive interview with London Capital Group Holdings’ (LON:LCG) management last month.