TIDMCLIG
RNS Number : 3233N
City of London Investment Group PLC
20 January 2023
City of London Investment Group PLC
20 January 2023
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Group" or "the Company")
FUNDS UNDER MANAGEMENT ("FuM") AS AT 31 December 2022,
SIX MONTHS TO 31 DECEMBER 2022 TRADING UPDATE AND 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 2022, FuM were US$9.2
billion (GBP7.6 billion). This compares with US$9.2 billion (GBP7.6
billion) at the Group's year end on 30 June 2022. A breakdown by
strategy follows:
FuM ($ million) Strategy Index
Dec-22 Jun-22 % Net %
(estimate) increase/ Flows increase/
(decrease) (decrease)
EM 3,570 3,703 (4%) (65) MSCI EM Net TR (3.0%)
KIM 3,369 3,433 (2%) (103) Not applicable
INTL 1,894 1,812 5% 13 MSCI ACWI ex US 3.0%
ACWI/Barclays Global
OV 240 193 25% 48 Agg (0.1%)
Other* 77 83 (7%) -
9,150 9,224 (107)
----------- ------- ------
* 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.
Over the period, there were inflows of circa US$295 million,
outpaced by outflows resulting in net outflows of circa US$107
million across the Group's strategies, led by EM redemptions and
required minimum distributions for Karpus Investment Management
("KIM") strategies at year end.
Business development will focus on EM, International, and
Opportunistic Value strategies, and KIM balanced mandates, where
additional capacity is now available for prospects.
Operations
The Group's income currently accrues at a weighted average rate
of approximately 73 basis points of FuM, net of third party
commissions. "Fixed" costs are c. GBP1.9 million per month, and
accordingly the current run-rate for operating profit before
profit-share is approximately GBP2.7 million per month based upon
current FuM and a US$/GBP exchange rate of US$1.2083 to GBP1 as at
31 December 2022.
The Group estimates the unaudited profit before amortisation and
taxation for the six months ended 31 December 2022 to be
approximately GBP11.9 million (six months ended 31 December 2021:
GBP15.5 million).
Inclusive of our regulatory and statutory capital requirements,
cash and cash equivalents stood at GBP19.1 million at the end of
the calendar year (GBP22.7 million as at 30 June 2022), in addition
to the seed investments of GBP7.6 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
2022 on 22 February 2023.
Dividend
The Board declares an interim dividend of 11p per share, which
will be paid on 31 March 2023 to shareholders registered at the
close of business on 3 March 2023 (2021: 11 pence).
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 10
March 2023.
The Board confirms the final dividend timetable for the year to
30 June 2023:
-- ex-dividend date: 2 March 2023
-- dividend record date: 3 March 2023
-- DRIP election date/ deadline 10 March 2023
for currency election:
-- announcement of USD dividend 17 March 2023
conversion rate:
-- dividend payment date: 31 March 2023
City of London Investment Group is a UK registered company,
listed on the London Stock Exchange and declares its dividends in
GBP. Shareholders based in the US can elect to receive dividends in
USD, should they wish to do so. The currency conversion rate from
GBP to USD will be fixed two weeks before the dividend payment
date. The currency election form can be found on our website at
https://clig.com/wp-content/uploads/2022/08/Currency-Election-Form-2022.pdf
Alternatively, overseas shareholders may be able to use the
International Payment Service (IPS) and receive dividend payments
direct to their bank account in local currency. Further information
regarding the IPS including terms and conditions, costs and forms
for signing up are available from Link Group at
https://ww2.linkgroup.eu/ips .
Dividend cover template
Please see dividend cover template attached here.
http://www.rns-pdf.londonstockexchange.com/rns/3233N_1-2023-1-19.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.com/ or
contact:
Tom Griffith, CEO
City of London Investment Group PLC
Tel: 001-610-380-0435
Martin Green
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000
This release includes forward-looking statements, which may
differ from actual results. Any forward-looking statements are
based on certain factors and assumptions, which may prove
incorrect, and are subject to risks, uncertainties and assumptions
relating to future events, the Group's operations, results of
operations, growth strategy and liquidity.
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END
MSCGPUPGGUPWGMB
(END) Dow Jones Newswires
January 20, 2023 02:00 ET (07:00 GMT)
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