CLIG City Of London Investment Group Plc

TIDMCLIG

RNS Number : 8718Y

City of London Investment Group PLC

19 January 2022

City of London Investment Group PLC

19 January 2022

CITY OF LONDON INVESTMENT GROUP PLC

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

FUNDS UNDER MANAGEMENT ("FuM") AS AT 31 December 2021,

SIX MONTHS TO 31 DECEMBER 2021 TRADING UPDATE, DIVIDEND AND SPECIAL DIVIDEND DECLARATION

City of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, announces that on a consolidated basis, as at 31 December 2021, FuM were US$11.1 billion (GBP8.2 billion). This compares with US$11.4 billion (GBP8.3 billion) at the Group's year end on 30 June 2021. A breakdown by strategy follows:

 
                   FuM ($ million)                       Strategy Index 
               Dec-21   Sep-21            %     Net                                   % 
           (estimate)             increase/   Flows                           increase/ 
                                 (decrease)                                  (decrease) 
 EM             4,800    4,937         (3%)   (149)   MSCI EM Net TR             (1.3%) 
 KIM            3,949    3,890           2%    (53)   Not applicable 
 INTL           2,147    1,840          17%     265   MSCI ACWI ex US              1.8% 
                                                      ACWI/Barclays Global 
 OV               232      229           1%     (4)    Agg                         2.0% 
 Other*            22       22           0%       - 
               11,150   10,918                   59 
          -----------  -------               ------ 
 
 

* includes Frontier, REIT and seed investments

Funds under Management figures are rounded

IM Performance

Solid relative performance across CLIG's investment strategies resulted from good NAV performance at the underlying closed end funds and positive discount effects.

Over the period, there were net inflows of circa US$59 million across the Group's strategies, due to asset raising for the International Equity strategy. Year-end rebalancing and tax planning led to outflows from the EM and KIM strategies.

Business development will focus on EM, International, and Opportunistic Value strategies, and KIM balanced mandates, where additional capacity is now available for prospects.

Operations

The Group's income currently accrues at a weighted average rate of approximately 72 basis points of CLIM's FuM and at approximately 76 basis points of KIM's FuM, net of third party commissions. "Fixed" costs are c. GBP1.6 million per month, and accordingly the current run-rate for operating profit, before profit-share is approximately GBP3.3 million per month based upon current FuM and a US$/GBP exchange rate of US$1.3532 to GBP1 as at 31 December 2021.

The Group estimates the unaudited profit before amortisation and taxation for the six months ended 31 December 2021 to be approximately GBP15.5 million (2020: GBP9.9 million).

Inclusive of our regulatory and statutory capital requirements, cash in the bank stood at GBP24.5 million at the end of the calendar year (GBP25.5 million as at 30 June 2021), in addition to the seed investments of GBP6.1 million. Our cash reserves will allow us to continue managing the business conservatively through volatile markets while following our dividend policy for our shareholders.

The Company is currently in a close period which will end with the publication of results for the six months ended 31 December 2021 on 18 February 2022.

Dividend

The Board declares an interim dividend of 11p per share, which will be paid on 25 March 2022 to shareholders registered at the close of business on 25 February 2022 (2021: 11 pence).

In addition, the Board announces a special dividend of 13.5p per share, which will also be paid on 25 March 2022 to shareholders registered at the close of business on 25 February 2022 (2021: Nil).

Shareholders may choose to reinvest their dividends using the company's Dividend Reinvestment Plan, to do this please visit www.signalshares.com or if you hold your shares through a broker please contact them. The deadline to lodge your election is 4 March 2022.

Dividend cover template

Please see dividend cover template attached here.

http://www.rns-pdf.londonstockexchange.com/rns/8718Y_1-2022-1-18.pdf

The dividend cover template shows the quarterly estimated cost of dividend against actual post-tax profits for last year, the current six months and the assumed post-tax profit for the remainder of the current year and the next financial year based upon specified assumptions.

For further information, please visit http://www.clig.co.uk/ or contact:

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

Martin Green/Pippa Hamnett

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEAXFPFDAAEFA

(END) Dow Jones Newswires

January 19, 2022 02:00 ET (07:00 GMT)

City Of London Investment (LSE:CLIG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

City Of London Investment (LSE:CLIG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024