Peter Quick, an Independent Director of GAIN Capital Holdings, Inc. (GCAP), has acquired more than 50,000 of the US-based brokerage’s common stock, Finance Magnates has learned.
According to a Form 4 document filed through the Securities and Exchange Commission (SEC) in the United States, Quick has acquired 52,024 Common Stock on the 27th of July 2020.
Quick purchased the Common Stock at a price of $3.83 for each share. Therefore, Quick has paid around $199,252 for the latest batch of shares, bringing his total amount of Common Stock to 233,710.
The former President of the American Stock Exchange, Quick, has served as a member of GAIN Capital’s Board of Directors since December of 2006. Over the past 14 years, he has been a lead independent director from 2008 until 2010 and was the Chairman of GAIN’s Board from December 2010 through October 2017.
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Prior to his 14-year long tenure with the US-based brokerage, Quick served as the President and member of the Board of Governors of the American Stock Exchange (AMEX). He was also the CEO of Quick & Reilly, Inc., a discount brokerage firm that was acquired by Bank of America.
Peter Quick votes against GAIN Capital acquisition
As Finance Magnates reported, Quick was one of the few Directors who voted against GAIN Capital’s merger with INTL FCStone Inc, which shareholders have since voted 71 percent in favor of.
Quick and fellow director Chris Sugden believed that in light of the performance of GAIN since the signing of the Merger Agreement, which puts the company’s value at $6 per share, it is no longer reflective of the long term value of GAIN Capital.
In February, INTL FCStone Inc. announced that it had entered into a definitive agreement to acquire GAIN Capital Holdings, Inc. The deal as it stands will see INTL FCStone buy GAIN for $6 per share in an all-cash transaction. This represents approximately $236 million in equity value.