After issuing an official communique on its intentions, the Board of Directors of LCG has further clarified the proposed delisting of the company from the London Stock Exchange. The shareholders are invited to vote on the move on the 6th of February 2018.
The company has officially announced its intentions on the 22nd of December as the management of the firm communicated that its listing on the NEX Growth Market is warranting that shareholders will be able to transact with the company’s shares.
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The firm’s board that is primarily consisting of representatives of the majority shareholder of the firm, GLIO Holdings, which is led by Charles-Henri Sabet.
A Warranted Move
A majority of 75 percent of shareholder votes is required in order to validate any decision on delisting from the LSE. Currently, GLIO Holdings is controlling 78.14 percent of NEX Growth market. The move was seen as an indication that a potential delisting is on the cards.
Ever since taking over the management of the firm in 2014, the current leadership under Charles-Henri Sabet has been dominating the decision-making process at the brokerage.
After getting listed on the LSE in December 2005 for 86 pence per share, the company skyrocketed to above 400 pence in December 2007. Since the onset of the financial crisis, the firm has been losing market value to trade around 5 pence as of today. The current share price is valuing the company at £1.8 million ($2.45 million).