According to a company regulatory filing, London Capital Group Holdings’ (LON:LCG) Employee Benefit Trust (EBT) has entered into a share purchase transaction with Charles-Henri Sabet-led consortium GLIO Holdings. The EBT bought 9 million ordinary shares at the current market price of 35 pence to fund its coffers for future issues of share options to employees.
The transaction has been funded through an inter-company loan granted by London Capital Group Limited to the EBT, totalling £3,165,750. The Company also transferred 45,000 ordinary shares from its treasury to the EBT in order to provide performance related incentives to its employees.
The shares which GLIO Holdings sold to the EBT were acquired as part of the deal between existing shareholders of LCG and the strategic investor which allowed GLIO to buy up to 9.1 million shares in the company.
The Best Way to Make Money on the Game of Thrones HypeGo to article >>
London Capital Group Holdings (LON:LCG) recently engaged in a substantial investment in new talent, and the move warrants that it will actively use its employee compensation scheme to encourage results without diluting the shareholder base.
After the transfer of 45,000 shares, LCG no longer holds any shares in the company, while the EBT has 12,480,000 ordinary shares, which totals 22.4% of the company.
Last week, the company’s executive chairman, Charles-Henri Sabet, disclosed the purchase of 1.16% of London Capital Group Holdings’ (LON:LCG) shares.