LONDON CAPITAL EXECS SELL SHARES

2 November 2007

Hard on the heels of the white label spread-betting deal, execs make some big money


London Capital directors Frank Chapman, Simon Denham and Rachel Woodford have sold off some of their shares in the company following the announcement of a white label spread-betting deal with online gambling giant Betfair (see previous InfoPowa report).

In an apparent response to institutional demand, CEO Frank Chapman sold 740 000 shares at 380p, netting a total of GBP 2.8 million. Simon Denham, the COO and marketing and sales director Rachel Woodford followed suit, each disposing of 500 000 shares at the same price for a total return of GBP 1.9 million apiece.

The introduction of the new MiFID rules for financial services companies means that restrictions for spread-betting firms on the opening of accounts have become stricter, according to industry observers.

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