Board Changes

RNS Number : 3203C

City of London Investment Group PLC

15 April 2013

 



15 April  2013

 

CITY OF LONDON INVESTMENT GROUP PLC

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

Board Changes

City of London (LSE:CLIG) announces that Doug Allison, Chief Executive Officer, and Valerie Tannahill, Finance Director, have resigned from the board with immediate effect as of 15 April 2013.  Barry Olliff, CIO, is appointed interim Chief Executive Officer effective the same date.

The appropriate process has been started to appoint a new Finance Director.  Tracy Rodrigues, Finance Manager, is appointed Financial Controller of the Group. 

All of the directors, including the parties stepping down, are of the mutual view that these changes reflect the best interests of the Group.  The Board would like to thank the departing directors for the contribution they have each made to the success of the Company over many years.

Operations

Since announcing in the Quarterly Funds Under Management Update on 4 March 2013, investment performance has continued to improve and the client base has remained stable. Existing clients have given preliminary indications of funding additional mandates of approximately $75 million in the Emerging Markets CEF strategy.

Furthermore the Group re-confirms that the current run-rate for operating profit, before profit-share, is approximately £1.1 million per month based upon current FuM and a US$/£ exchange rate of US$1.535 to £1.

Dividends

As previously stated, the Board's intention remains to recommend a final dividend of not less than 16 pence, subject to  stable markets and profitability over the final month of the financial year.

The pre-close trading update will be released on 17 June 2013.

For further information, please visit www.citlon.co.uk or contact:

Barry Olliff (Interim Chief Executive Officer)	Martin Green
City of London Investment Group Plc	Canaccord Genuity Limited
Tel: [phone]	Financial Adviser
	Tel: [phone]
Simon Hudson / Kelsey Traynor
Tavistock Communications
Tel: [phone]

 

END

 

 

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