London City Equities Limited (LCE), an ASX-listed company, was a investment company with a long-term strategic holding in equities that had a significant market share and offered inherent growth. The company sought to provide shareholders with attractive investment returns over the medium to longer terms by enhancing capital growth and pay dividends that over time grew faster than the rate of inflation.
City Equities was placed under special administration in October last year. The fifth order to have been made since the Investment Bank Special Administration Regulations came into force in February 2011.
The special administration application was made following previously unsuccessful attempts to recapitalise the London-based broker and small-cap equity dealer under the FCA’s capital adequacy rules.