TIDMLCG
RNS Number : 8427P
London Capital Group Holdings PLC
22 November 2016
22 November 2016
LONDON CAPITAL GROUP HOLDINGS PLC
("London Capital Group", "LCG", the "Company" or the
"Group")
Joint Share Ownership Plan ("JSOP") and issue of Warrants
The JSOP was set up in June 2010 to provide long-term
performance-related incentives to employees and to assist with the
retention of key employees. There are currently awards under the
JSOP over 5,885,000 ordinary shares ("Ordinary Shares") in the
Company ("Existing JSOP Shares"), which are held jointly by the
Company's existing employee benefit trust (the "Existing EBT") and
the relevant employee under the terms of the awards. 5,035,000 of
the Existing JSOP Shares were allocated in January 2015 (the
"January Existing JSOP Shares") and the other 850,000 Existing JSOP
Shares were allocated in June 2015 (the "June Existing JSOP
Shares").
The holders of the Existing JSOP Shares would currently benefit
from the growth in value of an Ordinary Share above a price of 46
pence per share. The Existing EBT currently holds a further
6,595,000 unallocated Ordinary Shares ("New JSOP Shares").
The Ordinary Shares held in the Existing EBT (including the
Existing JSOP Shares and the New JSOP Shares) equate to 3.4 per
cent. of the Company's issued share capital and are worth around
GBP390,000 at the current share price. Given that the Ordinary
Shares' current mid-price is approximately 3.125 pence, the
existing JSOP awards, as currently constituted, clearly do not
provide appropriate incentives for management and employees.
The Board, having taken legal and financial advice, has
therefore decided to revise the terms of the JSOP awards in respect
of the Existing JSOP Shares so that employees holding such awards
will now benefit from the growth in value of an Ordinary Share
above, in the case of the January Existing JSOP Shares, 4.7 pence
per share or, in the case of the June Existing JSOP Shares, 5.3
pence per share. This compares to 46 pence per share as was
previously the case for all of the Existing JSOP Shares. This
revised share price represents, in the case of the January Existing
JSOP Shares, an approximate 50 per cent. premium to the current
share price, or, in the case of the June Existing JSOP Shares, an
approximate 70 per cent. premium to the current share price.
The Company also announces that the New JSOP Shares have now
been offered to employees as JSOP awards. Those employees awarded
New JSOP Shares will benefit from the growth in value of an
Ordinary Share above 7.4 pence per share. This revised share price
represents an approximate 137 per cent. premium to the current
share price. The New JSOP Shares will only vest in full after 21
November 2019.
The following Existing JSOP Shares are held by directors and
persons discharging managerial responsibilities:
Name Position Number of
Existing JSOP
Shares
---------------- --------------- ---------------
Charles-Henri
Sabet Group CEO 5,000,000
---------------- --------------- ---------------
Non-Executive
Charles Poncet Chairman 200,000
---------------- --------------- ---------------
In addition, the following New JSOP Shares will be offered to
persons discharging managerial responsibilities:
Name Position Number of
New JSOP Shares
-------------------- -------------------- -----------------
Andreas Kontos Cyprus CEO 1,500,000
-------------------- -------------------- -----------------
Mukid Chowdhury UK CEO 1,500,000
-------------------- -------------------- -----------------
Antonis Antoniades Cyprus CFO 1,000,000
-------------------- -------------------- -----------------
Cyprus Chief
Georgios Stylianou Sales Officer 1,000,000
-------------------- -------------------- -----------------
Simon Henry Head of Compliance 200,000
-------------------- -------------------- -----------------
Head of Markets
Laurence Crosby and Risk 150,000
-------------------- -------------------- -----------------
The amendment of the existing JSOP awards and the grant of the
new JSOP awards will not alter the total number of Ordinary Shares
in issue.
Given the limited quantum of the current incentivisation plan,
it has been decided to augment this plan by establishing a new
employee benefit trust (the "New EBT"), the beneficiaries of which
include the management and employees of the Company. The Company
and the New EBT have therefore entered into a warrant instrument
pursuant to which the Company will grant warrants ("Warrants") to
the New EBT to subscribe for 100,000,000 Ordinary Shares at an
exercise price of 7.4 pence per share, equivalent to an approximate
137 per cent. premium to the Ordinary Shares' current mid-price.
The Warrants may be exercised at any time in the period expiring on
21 November 2019. The use of the Warrants in this arrangement will
effectively provide the New EBT with access to Ordinary Shares
without creating an increased financial burden on the Company, as
would be the case if LCG had to lend funds to the New EBT to
acquire Ordinary Shares in the market.
If the Warrants are exercised, it is intended that the Ordinary
Shares will be issued to certain employees of the Company in due
course, potentially under the JSOP or another incentive plan. The
issue of the Warrants does not alter the total number of Ordinary
Shares in issue. However, if the Warrants were exercised in full by
the New EBT, the total number of Ordinary Shares in issue would
increase by 100,000,000. The Ordinary Shares held by the Existing
EBT (including the Existing JSOP Shares and the New JSOP Shares)
and the New EBT would then, in aggregate, be equivalent to 23.5 per
cent. of the Company's enlarged issued share capital, however,
these Warrants would only start to represent any value to potential
beneficiaries once the Company's share price had increased by 137
per cent. from its current level.
The amendment to the existing JSOP awards held by directors,
constitute related party transactions under the AIM Rules. The
directors (excluding Charles-Henri Sabet and Charles Poncet),
having consulted with Allenby Capital, the nominated adviser to the
Company, consider that the terms of the transactions are fair and
reasonable insofar as the Company's shareholders are concerned.
The notifications below, which apply in respect of the
amendments to the terms of the JSOP awards in respect of the
Existing JSOP Shares, are made in accordance with the requirements
of the EU Market Abuse Regulation:
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Charles-Henri Sabet
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Group CEO
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the Amendment to the terms
transaction of a joint share ownership
plan ("JSOP") such that
this person, who holds
the shares under a JSOP
award, will now benefit
from the growth in value
of an ordinary share above
4.7 pence per share compared
to 46 pence per share as
was previously the case.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- ----------
4.7 pence 5,000,000
----------- ----------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Charles Poncet
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Non-Executive Chairman
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the Amendment to the terms
transaction of a joint share ownership
plan ("JSOP") such that
this person, who holds
the shares under a JSOP
award, will now benefit
from the growth in value
of an ordinary share above
4.7 pence per share compared
to 46 pence per share as
was previously the case.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- --------
5.3 pence 200,000
----------- --------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
The notifications below, which apply in respect of the awards of
the New JSOP Shares, are made in accordance with the requirements
of the EU Market Abuse Regulation:
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Andreas Kontos
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Cyprus CEO
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- ----------
7.4 pence 1,500,000
----------- ----------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Mukid Chowdhury
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status UK CEO
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- ----------
7.4 pence 1,500,000
----------- ----------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Antonis Antoniades
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Cyprus CFO
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- ----------
7.4 pence 1,000,000
----------- ----------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Georgios Stylianou
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Cyprus Chief Sales Officer
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- ----------
7.4 pence 1,000,000
----------- ----------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Simon Henry
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Head of Compliance
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- --------
7.4 pence 200,000
----------- --------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Laurence Crosby
--- ----------------------- ------------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Head of Markets and Risk
--- ----------------------- ------------------------------
b) Initial notification Initial notification
/Amendment
--- ----------------------- ------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
--- -------------------------------------------------------
a) Name London Capital Group Holdings
plc
--- --------------------- --------------------------------
b) LEI 213800PPVN6ORMUD1506
--- --------------------- --------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of
instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place
where transactions have been conducted
--- -------------------------------------------------------
a) Description Ordinary Shares of 5 pence
of the financial each
instrument,
type of instrument ISIN: GB00B0RHGY93
Identification
code
--- ----------------------- ------------------------------
b) Nature of the An offer of an award under
transaction a joint share ownership
plan ("JSOP") where this
person, who will hold the
shares under a JSOP award,
will benefit from the growth
in value of an ordinary
share above 7.4 pence per
share.
--- ----------------------- ------------------------------
c) Price(s) and Price No. of
volume(s) shares
----------- --------
7.4 pence 150,000
----------- --------
--- ----------------------- ------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--- ----------------------- ------------------------------
e) Date of the 21 November 2016
transaction
--- ----------------------- ------------------------------
f) Place of the London Stock Exchange,
transaction AIM
--- ----------------------- ------------------------------
For further information, please contact:
London Capital Group Holdings plc
Simon Hooks, General Counsel and Company Secretary
+44 (0)20 7456 7008
Allenby Capital Limited (Nominated Adviser and Broker)
John Depasquale / Nick Naylor
+44 (0)20 3328 5656
Notes for Editors
About London Capital Group (http://ir.lcg.com)
London Capital Group Holdings plc (hereafter "LCGH plc" or "LCG"
or "London Capital Group" or "the Group") is a financial services
company offering online trading services.
London Capital Group Limited ("LCG Ltd"), a wholly-owned trading
subsidiary of LCGH plc, is authorised and regulated by the
Financial Conduct Authority. Its core activity is the provision of
spread betting and CFD products on the financial markets to retail
clients under the trading names Capital Spreads, Capital CFDs and
LCG MT. Its other division provides online foreign exchange trading
services. LCG Ltd has a European passport and is a member of the
London Stock Exchange. LCG Ltd also has access to international
markets through its global clearing relationships.
LCGH plc is quoted on the London Stock Exchange's AIM market.
LCG is included in the General Financial sector (8770) and
Speciality Finance sub sector (8775) and has a RIC code of
LCG.L.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHPGGRGGUPQGPP
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