London Capital Group (LCG:L) has been the subject of a much-needed rejuvenation under the steerage of new chairman Charles-Henri Sabet, following his £17 million investment in the company which had spent a prolonged period of time in dire straits.
Following Mr. Sabet’s investment, a complete turnaround has been embarked on, with Mr. Sabet having been able to invoke an entirely new senior management team from esteemed companies, all of whom are extremely experienced industry professionals.
Today, Mr. Sabet has placed even further confidence in the company by personally purchasing 1% of LCG’s corporate stock, amounting to an investment of £227,500 at current value.
The transaction has been announced by London Capital Group via London Stock Exchange, the venue upon which the company’s stock is listed, detailing that Mr. Sabet had purchased 650,000 ordinary shares of 10p each in the company at a price of 35.00 pence per Ordinary Share. Following this acquisition, Mr. Sabet is interested in 650,000 Ordinary Shares representing 1.16% of the Company’s current issued share capital.
Mr. Sabet is widely recognized as a shrewd investor as well as a forthright commercial operator who is able to make decisions which can turn the fortunes of companies quickly, therefore his decision is likely to have been a considered one. Indeed, this transaction follows London Capital Group’s purchase of 45,000 of its own shares two weeks ago, reversing the situation in which the company owned no treasury shares prior to that point.
LeapRate recently discussed the future path which Mr. Sabet has planned for London Capital Group in detail, along with Global Head of Sales and Trading, former FXCM Managing Director Francois Nembrini.
As London Capital Group’s new direction gains further ground, LeapRate will publish a televised interview with Mr. Nembrini regarding the company’s planned moves into liquidity provision and technological development within the forthcoming days.
For the official announcement from London Stock Exchange, click here.