Barely a weekend has passed and London Capital Group (LCG:LON) is forging ahead with a new project following a much needed injection of capital provided by prominent FX industry investor Charles-Henri Sabet.
Further to the issue of the GLIO Convertible Loan Notes which formed a significant part of the transaction in which Mr. Sabet provided £17 million to LCG and took the reigns as Executive Chairman, expansion into the technological arena beckons.
As announced by the Company on 17 October 2014, and the recent approval by shareholders at the Company’s general meeting held on 30 September 2014, LCG has today confirmed via the London Stock Exchange that the Software as a Service (SaaS) licencing agreement (the “Licencing Agreement”) between LCG and financial technology development company Algoweb S.A.R.L. has now been executed and is unconditional in all respects.
The Licencing Agreement will allow LCG to access Algoweb’s retail distribution platforms and software, as well as connectivity to post-trade services.
This has come to fruition following an initial tentative agreement, under which Algoweb, an entity which is 50% owned by Mr. Sabet and his wife, is set to receive a one-time £780,000 fee, plus £300,000 each quarter.