AGM Trading Update

RNS Number : 8946U

City of London Investment Group PLC

25 October 2010

 



 

25 October 2010

 

 

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Company" or "the Group")

Annual General Meeting

Trading Update

Funds under management ("FuM") increased by 30% from a financial year end figure of $4.38 billion at 31^st May 2010 to $5.68 billion at 21^st October 2010. This increase was driven by the net change in client monies managed together with good investment performance, helped by strong markets which showed a rise of 21% in the MSCI Emerging Markets Index (MXEF) over the period. Unaudited profit before taxation for the first four months of our current financial year was £4.0 million (2009: £3.0 million). The current year figure excludes listing costs of £0.4 million.

On 1^st October 2010, we formally announced that our intended move from the London Stock Exchange's AIM market to the Official List of the FSA (the "Admission") is expected to take place on 29^th October.  We will, on 26^th October 2010, be publishing a prospectus in connection with the Admission, which will be sent to all shareholders for information, and will be available on the Group's web site at http://www.citlon.co.uk.

As the founding and largest shareholder, our Chief Executive Officer, Barry Olliff, has adopted a policy of transparency about his intentions regarding his shareholding over the next five years as he approaches retirement.  At this time last year, Barry announced his intention to sell tranches of 500,000 shares at various appreciating price points.  In the past twelve months Barry has sold 500,000 shares at 310p and 500,000 shares at 350p.  He intends, subject to close period restrictions and other regulatory requirements, to undertake the same at the next target price of 400p, and to repeat at 450p and 500p. The Board believes that his transparency of intentions regarding his shareholding is helpful in maintaining an orderly market in the Company's shares.

The current year has started well as demonstrated by the record level of profitability achieved in the four months to 30^th September 2010.  If the stability and resilience of the Group's core emerging markets is maintained, we look forward to reporting further progress at the appropriate times.

-ends-

Doug Allison (Finance Director)	Simon Hudson / Andrew Dunn
City of London Investment Group PLC	Tavistock Communications
Tel: [phone]	Tel: [phone]
Jeff Keating	Simon Bridges
Singer Capital Markets Ltd	Cannacord Genuity Limited
Nominated Adviser & Joint Broker	Joint Broker
Tel: [phone]	Tel: [phone]

 

END

 

 

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