Following shareholder voting for London Capital Group’s (LCG) £17.5M financing from Charles-Henri Sabet led GLIO Holding, the broker has announced that the FCA has approved certain details of the deal which satisfy requirements of the funding. As per details of the financing, LCG will raise up to £17.5M through the issue of convertible notes to GLIO and institutional investors.
Being approved by the FCA enables Sabet to remain as a director of the firm even with his proposed appointment as Executive Chairman. In addition, the FCA has approved GLIO to become controller of LCG, in accordance with section 178 of FSMA. The controller status is the description given to large corporate holders of a company’s equity. Once financed through the issue of convertible notes, it will provide GLIO the ability to convert their holdings into equity, according to terms that will be set at a later date.
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