London Capital Group chairman buys 1.2% stake

27th Nov 2014 12:42

Charles-Henri Sabet, the executive chairman of London Capital Group (LCG), has shown his faith in the spread betting and CFDs company just two months after taking the role.Sabet, who took over from former boss Kevin Ashby in September and has since put in place a new management team, purchased 650,000 shares at a price of 35p each, spending £227.500.This represents his only stake in the company, equal to a 1.16% holding.The transaction came just a month after the firm's latest trading update, which showed that while revenues over the year-to-date were down 30% at £13.9m, the company had returned to growth in the third quarter."Since assuming the role of executive chairman in mid-September, the group now enters the fourth quarter strongly recapitalised and with a new broad and deep senior management team being put into place to position LCG for growth," Sabet said on 22 October.Since the statement, the stock has jumped by 22% and is up over 60% over the past three months following a sharp decline earlier in the year.Top Director BuysLondon Capital Group Holdings (LCG) Director name: Mr Charles-Henri SabetAmount purchased: 650,000 @ 35.00p Value: £227,500Xchanging (XCH) Director name: Mr David BauernfeindAmount purchased: 20,000 @ 167.50p Value: £33,500Top Director SellsHogg Robinson Group (HRG) Director name: Mr David RadcliffeAmount sold: 863,516 @ 42.50p Value: £366,994Hogg Robinson Group (HRG) Director name: Mr Kevin RufflesAmount sold: 81,505 @ 42.50p Value: £34,640Xchanging (XCH) Director name: Mr David BauernfeindAmount sold: 18,868 @ 166.00p Value: £31,321