Gain Capital Holdings Inc, the parent firm of Gain Capital – a US based online forex trading service provider recently revealed via an SEC filing that the firm now has a new Director. According to the filing update, the firm has appointed Mr. John Douglas Rhoten to serve as Class II Director and his position as director at the firm came into effect on 7th October 2019 effectively increasing the overall size of the firm’s board of directors. This move was made owing to the parent firm’s acquisition of City Index – a UK based forex and CFDs spread betting and trading service provider. The deal mandates the addition of one director to GAIN’s board as part of INCAP Gaming’s voting right which came along with acquisition deal.
INCAP is an affiliate of IPGL which is the beneficial owner of 953,031 shares of the firm’s common stock, while its affiliate FOX & TROT Ltd is the beneficial owner of 4,629,950 shares of GAIN Capital’s common stock. The regulatory filing also stated that aside from the ownership of shares mentioned above, FOX & TROT also holds nearly all of GAIN’s convertible senior notes which are due in 2020. Of these senior notes, $60 Million was issued as principal amount in connection with GAIN Capital Holding’s acquisition of Citi Index. While it can be seen as expansion of board as part of acquisition deal, John comes as a replacement for Samantha Roady. Samantha stepped down from her role as President of Gain Capital’s retail business unit. Gain Capital first revealed Samantha Roady’s plan to step down her per position as President back in August this year.
Samantha stepped down from her role as President at end of September as stated in the announcement released in August. There was no mention of reason for Samantha’s resignation from her role as President in the statement released earlier this year, a filing with SEC stated that Mr. Roady plans to pursue other interests outside the leveraged trading industry when speaking about her future plans and reason for resignation. Ms. Roady was one of the longest standing executive at the firm having spent most of her career serving at the US-based trading service provider having spent more than two decades serving in the firm. An update stated that her role as President is currently being filled in by the firm’s Chief Executive Officer Glen Stevens, but it is unclear if this move is permanent or if Stevens will only hold the role until a suitable replacement is found from outside of the firm’s executives.
Source:
