On the heels of a tough couple of fiscal years, London Capital Group (LCG) (LON:LCG) found itself trading on NEX Growth Market Wednesday. The move signals possible delisting from the London Stock Exchange (LSE) onto NEX, following two years of diminishing share prices.
NEX Growth Market is a platform for earlier stage entrepreneurial companies. While the admission process is both simple and transparent, the move is atypical for companies that are already listed, such as LCG. As such, the move could point towards LCG’s eventual delisting on LSE.
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The group’s share prices have refused to author any type of resurgence despite improving revenues over the 2016 fiscal year. The past few years have seen LCG also undertake rebranding efforts in a bid to reverse its fortunes. Unfortunately, these efforts along with an uptick in client acquisition and other internal investments have done little to kick-start its share prices.
As of 8:00 BST Wednesday, LCG has gone live on NEX’s Growth Market, with trading of its entire issued share capital consisting of 380,531,519 fully paid ordinary shares at a rate of 5 pence. In addition, the group’s ordinary shares will remain admitted to trading on AIM following today’s admission onto NEX.
At the time of writing, Finance Magnates will continue to update this story as it develops.