News Column

London Capital Group Rebuffs Acquisition Speculation

July 2, 2014

Anthony Tshibangu

LONDON (Alliance News) - London Capital Group Holdings PLC Wednesday said it currently has no intention to purse any mergers or acquisitions, and it is continuing that its shareholders back its plan to raise GBP17.5 million in a proposed financing.

The company said it has noted recent press comments relating to approaches the company may have received from third parties.

In mid-June the company said investment company GLIO Holdings Ltd, which is led by Charles-Henri Sabet, will subscribe to convertible loan notes of between GBP12.5 million to GBP15.0 million, and up to up to 75 million warrants. It is also seeking commitments from institutional investors to subscribe for convertible loan notes worth a total of between GBP500,000 and GBP2.5 million, and up to 12.5 million warrants.

The company is also proposing that Sabet will becomes its executive chairman.

Shareholders are set to vote on the proposals Thursday.

London Capita Group shares were quoted up 2.4% at 21.75 pence Wednesday morning.

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Source: Alliance News

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