UK spreadbetting and forex broker London Capital Group Holdings plc (LON:LCG) has just announced the finalisation of the acquisition of Cyprus-based software developer Surecom Limited from Spotware Systems Limited.
The deal is in tune with LCG’s strategy of developing new technology, and is set to facilitate the further development and enhancement of dealing platforms and new advanced technologies.
LCG announced it will issue 3,754,614 new ordinary shares in the company in consideration for the acquisition of Surecom – meaning that Spotware’s shareholders will now hold an approximate 5% stake in LCG, unless they sell the shares in the open market.
An application has already been filed for the admission of the 3,754,614 New Ordinary Shares to trading on AIM. The admission is expected to occur on October 9, 2015. After the admission, the Company will have 79,846,890 ordinary shares in issue, of which 1,000,000 are held in Treasury. The total number of voting rights in the Company will therefore be 78,846,890.
The announcement comes as restructuring at LCG nears completion. Along with the release of the group’s H1 2015 results, Charles-Henri Sabet, Chief Executive, said that the Group is confident that with the development of its new advanced technology, a renewed commitment to hiring the industry’s most talented people and a big increase in marketing driving its rebrand, the majority of the short-term strategy will be achieved in the second half of the year.
To view the official filing with the LSE, click here.