City Of London Investment Dividends - CLIG

City Of London Investment Dividends - CLIG

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
City Of London Investment Group Plc CLIG London Ordinary Share GB00B104RS51 ORD 1P
  Price Change Price Change % Stock Price Last Trade
-2.00 -0.49% 407.00 15:35:03
Close Price Low Price High Price Open Price Previous Close
407.00 409.00
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City Of London Investment CLIG Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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masurenguy: Latest Hardman report. CITY OF LONDON INVESTMENT GROUP Boost from positive markets and deal completion City of London has announced a trading statement covering its first quarter FUM and financial performance. With the Karpus merger taking place on 1 October, all figures refer to the pre-transaction entity. Markets were very supportive over the quarter, with a smaller offset from net outflows. At the quarter-end, FUM were $5.94bn, an increase of 8% on the $5.50bn at the financial year-end. Fund performance was good in the main strategies, with Frontier being the exception. It was also the source of the majority of the outflows, as the largest client reallocated away from the sector. ► Operations: Operational performance was slightly above our expectations, with revenue margin constant at 74bps and “fixed” costs still at £1.1m per month. The balance of the £1.8m exceptional expenses for Karpus (which are not tax deductible) reduced profit after tax to £1.0m for the quarter. ► Karpus completion: As expected, completion was on 1 October. Karpus client servicing has done a good job of getting approvals and 98% of client assets have been retained. The net result is that FUM at completion were $3.6bn, bringing the group total to $9.5bn. ► Valuation: The 2021E P/E of 9.5x is at a discount to the peer group. The underlying 2021E yield of 8.1% is attractive in our view and should provide support for the shares in the current markets. ► Risks: Although emerging markets can be volatile, City of London has proved to be more robust than some other EM fund managers, aided by its good performance and strong client servicing. Further EM volatility could raise the risk of such outflows, although increasing diversification is also mitigating this. ► Investment summary: Having shown robust performance in challenging market conditions, City of London is now reaping the benefits in a more supportive environment. The valuation remains reasonable. After a special dividend in FY’19, FY’20 saw another dividend increase. With the expected EPS boost from Karpus in 2021, the prospects for future dividend increases look very good.
davebowler: Zeus- 1Q trading update What’s new: City of London Investment Group (“CLIG”) has released an impressive trading update to 30 September 2020, which includes comment on City of London Investment Management (“CLIM”) 1Q post tax profits, client assets (FUM & AUM) at period end and CLIG’s acquisition of KMI that completed last Thursday. § 8% rise in CLIM’s FUM to US$5,935m (30/6/20: US$5,503m) which is a 4.5% rise in Sterling value of FUM from £4.4bn to £4.6bn; § Outperformance of all CLIM investment strategies, except Frontier (< 3% of FUM) where discounts widened; § Net outflows of US$83m were 1.5% of opening CLIM FUM: US$107m flowing out of Frontier and US$39m net inflows to Emerging Market strategies; § 17% rise in CLIM’s 1Q post-tax profit before exceptionals to £2.8m (2019: £2.4m) with £1.8m exceptional costs of KMI acquisition PAT are circa £1.0m; § Acquisition of KMI with AUM of US$3.6bn completed on 1 October 2020, with 98% of client assets transferred on acquisition; § Group manages US$ 9.5bn of client assets, as of 1 October 2020; CLIG’s 20p final DPS, is subject to approval at AGM on 19 October. Zeus view: CLIG’s 1Q results are consistent with our forecasts for 2021E and 2022E (see pages 2 to 5), which include the KMI acquisition from 1 October 2020. We draw attention to the following points: § Post KMI, only 44% of Group client assets are invested in emerging markets; § KMI AuM of US$3.6bn (£2.8bn using $1.29: £1 exchange rate) is ahead of our previous estimate of US$3.4bn (£2.7bn using a $1.25: £1 exchange rate); § Sterling has strengthened from US$1.25 = £1 to a high of US$1.33 and is now US$1.29. In future we expect Client assets will be less sensitive to equity market movements. In FY22 with a full year from KMI, we see CLIG delivering 47.1p adj EPS and the Group paying a 32p dividend. Our forecasts continue to show CLIG’s net cash of £20m in June 2021 and £30m in June 2022. Valuation: On our FY21 forecasts, at 435p CLIG shares trade on only 9.6x current year EPS and offer investors a 6.9% dividend yield. With a full year contribution from KMI in FY22 the PER falls to 9.2x and dividend yield rises to 7.4%.
masurenguy: FUM up by 7.3%. Dividend up by 10%. As at 30th September 2020, FuM were US$5.9bn (£4.6bn). This compares with US$5.5bn (£4.4bn) at the Company's year-end on 30th June 2020. IM Performance Performance was ahead of the benchmark over the quarter in all strategies ex-Frontier. Specifically, in the Emerging Market (EM) strategy NAV performances were positive. In both the International (INTL) and Opportunistic Value (OV) strategies relative returns were driven by strong NAV performance and positive discount effects. The Frontier strategy was negatively impacted via sharply wider discounts. The EM strategy had net inflows of US$39 million, while the Frontier strategy had outflows of US$107 million over the period. Net flows were flat for the INTL and OV strategies. Operations The Group's income currently accrues at a weighted average rate of approximately 74 basis points of FuM. "Fixed" costs are c. £1.1mn per month, and accordingly the current run-rate for operating profit, before profit-share of 30% is approximately £1.7m per month based upon current FuM and a US$/£ exchange rate of US$1.29 to £1 as at 30th September 2020. The Group estimates that the post-tax profit before exceptional items of c. £1.8m in relation to the KMI merger for the first three months of the year will be approximately £2.8m (2019: £2.4m) and post-tax profit after charging the exceptional items as detailed above for the first three months of the year will be approximately £1.0m (2019: £2.4m). Dividends The final dividend of 20 pence per share, subject to approval at the AGM on 19th October 2020, will be paid on 30th October 2020, bringing the total dividend for the financial year 2019-20 to 30 pence (2018-19: 40.5 pence, including the special dividend of 13.5 pence paid in March 2019). Update on Merger of CLIG with KMI As previously announced, CLIG completed the merger with Karpus Management Inc ("KMI") on 1st October 2020 (the "Completion Date"). KMI's client approval process resulted in approximately 98% of client assets being retained. As at 30th September 2020, KMI had US$3.6bn of FuM. On a consolidated basis, as of 1st October 2020, the Group managed client assets of approximately US$9.5bn.
masurenguy: Merger officially completed. CITY OF LONDON INVESTMENT GROUP PLC 1 October 2020 Completion of all Share Merger of CLIG with Karpus Management Inc. ("KMI") The board of CLIG is pleased to announce that the merger of CLIG with Karpus Management Inc (KMI) has been completed. Admission of the 24,118,388 New Shares issued in connection with the Merger occurred at 8.00 a.m. today (1 October 2020). The New Shares have been listed on the premium segment of the Official List and admitted to trading on the premium segment of the main market of the LSE. The issued share capital of the Company following Admission of the New Shares is 50,679,095 Shares. The Company does not hold any Shares in treasury. This figure may be used by Shareholders as the denominator for the calculations by which they will determine whether they are required to notify their voting rights interest, or a change to that interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
masurenguy: Latest Hardman report on CLIG.
speedsgh: Credit to CLIG for taking the effort to include the following in their results announcement. Yet another reason I continue to be a happy holder... Merger post-script Throughout the extended negotiations with KMI over the last two years, financial advice to CLIG had been provided by Kevin Pakenham and his colleagues at Pakenham Partners and it was with huge sadness, therefore, that we learned of Kevin's sudden passing on 19th July 2020, less than six weeks after the successful conclusion of those negotiations. For over 20 years, Kevin provided the Group with invaluable advice on a range of potential opportunities, often preferring to dissuade rather than persuade and the fact that he will not see our transformative transaction concluded is a great disappointment to all at CLIG. Our sincerest condolences go to his family and colleagues for their loss.
masurenguy: Good set of results and dividend maintained ! PRE-CLOSE TRADING UPDATE for the year to 30 June 2020 City of London (LSE: CLIG), provides a pre-close trading update for its financial year ended 30 June 2020. The numbers that follow are unaudited. Funds under management were US$5.5bn (£4.4bn) at 30 June 2019 (2019: US$5.4bn or £4.2bn), representing a 2% increase in US$ terms for the year. A breakdown by strategy follows: Funds under Management excludes seed investments The Emerging Market (EM) and Developed Strategies (DM) outperformed over the year, the Opportunistic Value (OV) and Frontier strategies underperformed. Both the EM and DM strategies benefitted from good country allocation. The Frontier strategy suffered from weak NAV performance, particularly impactful among Argentine holdings while the OV strategy suffered from negative allocation effects. In addition, as discounts widened significantly across CEF sectors, most notably in Q1 2020, all the strategies suffered to some extent from this factor over the 12 month period. During the year under review, the OV and DM strategies recorded combined net inflows of $597mn. The Frontier strategy saw net inflows of $16mn while the EM strategy saw net outflows of $275m. Due to the COVID-19 pandemic, our business continuity plan was enabled with all staff working remotely via audio and secure video communication and full network connectivity to all critical systems. The proposed merger with Karpus Management Inc. (KMI), which was announced on 9(th) June 2020, was approved overwhelmingly by CLIG shareholders yesterday with 99% voting in favor. Completion of the merger, which is expected on or around 1(st) October 2020, will provide shareholders with growth potential from a more diversified revenue base and has the potential to be earnings enhancing in the first full year post-merger. Further details of the transaction are available in the combined circular and prospectus, published on 12 June 2020 in relation to the share consideration to be issued to stockholders in KMI on completion of the merger. The prospectus remains live until admission of those consideration shares on completion, currently expected to occur on 1 October 2020. Whilst the prospectus remains live, the Company is prevented under the Prospectus Regulation from providing an estimate of its profits for the financial year to 30 June 2020, as it has done in previous years, without the approval and publication of a supplementary prospectus. However, subject to audit, the Board intends to at least maintain the final dividend at the same level as last year, in line with the stated dividend policy. The Board is not aware of any material additional information that Shareholders should be aware of at this time. The Board confirms the final dividend timetable for the year to 30 June 2020: -- ex-dividend date: 08 October 2020 -- dividend record date: 09 October 2020 -- payable: 30 October 2020 City of London expects to announce final results alongside publication of its Accounts for the year to 30 June 2020 on 14 September 2020. The Group's AGM will be held on 19 October 2020.
masurenguy: Looks like an interesting diversification presumably triggered by George Karpus seeking to retire. Should enhance their growth potential in the US. Good to see no indication of any leaks on this deal. Dividend policy remains as stated. For the financial year to 30 June 2019, the Board declared dividends of 40.5 pence per Share (calculated based on the weighted average number of Shares in issue for the year). This included a special dividend of 13.5 pence per Share. The Board of CLIG attaches great importance to providing Shareholders with a stable flow of dividends, balanced by a policy of prudential capital management. To this end, the Board has for some years adhered to a dividend cover ratio of 1.2 times profit after taxation attributable to Shareholders based on rolling 5-year periods, using accumulated retained earnings to address any short-term profit shortfalls that derive from volatility in the markets in which CLIM invests. The Board of CLIG intends to continue with the same dividend policy on Completion of the Merger.
davebowler: Zeus-What's new: City of London Investment Group has published its interim results 6th for the 6 months to 31 December 2019, which are in line with the detailed trading update released on 14 January: ·         Good NAV performance and narrowing discounts enabled its Emerging Market, International Developed and Opportunistic Value strategies to outperform.·         Revenue of £17.3m, PBT of £6.3m and attributable profit of £5.0m.In January 2020, with the Emerging Market Index down 4.7%, CLIG's Funds Under Management ("FUM") fell only 4.0% to US$5.8bn; with Sterling weakening 1.7% to US$1.30, CLIG's FUM in Sterling was £4.4bn. We expect management to release a 3Q trading update on 21 April.Zeus View: In this note we analyse the interim results (Exhibit 9), nudge up our FY(Jun)20E revenue forecast and set forecasts for FY(Jun)22E based on:·         Financial markets and exchange rates remaining at 1 January 2020 levels (i.e. 1% above current levels).·         Annual net inflows of US$200m p.a (i.e. annual FUM growth of 3%).We note that the rise in FUM in January 2020 suggests upside to our FY(Jun)20E forecast and consequently to our FY(Jun)21E & FY(Jun)22E forecasts.Valuation: Over the past decade CLIG has delivered its shareholders over 12% pa total return, split 50:50 into capital return and dividend income. Diversification is creating shareholder value, delivering stability and growth in FUM, earnings and in turn valuation multiples.CLIG shares trading at 462p cum 10p interim dividend (ex date: 5 March), offer shareholders prospects of double-digit returns based on sustainable dividends, steady FUM growth, and an increase in rating from 11x to 13x.Even at 500p (8% above its current price), CLIG's PER multiple of 13x would be less than the equity market and its dividend yield an attractive 5.5%
davebowler: Zeus; FuM leaps to over $6bn What’s new: The trading update for the 6 months to 31 December 2019 released this morning reveals: § CLIG’s Funds Under Management (“FUM”) rose 11.6% to US$6,014m; Sterling strengthened 3.9% against the US dollar to £1 = US$1.32 and Emerging Market Index (MXEF) rose 5.7% to 1,115. § CLIG’s Emerging Market, International Developed and Opportunistic Value strategies outperformed with good NAV performance and narrowing discounts. § US$182m of net inflows in the past 6 months: US$272m net inflows to Developed strategies, US$20m to Opportunistic Value funds and US$118m net outflows from Emerging Market funds: notifications of circa US$200m of net inflows expected to fund over the next quarter. § Estimate of 1H PBT of £6.3m (21.2% up on 6m to Dec 2018: £5.2m). § Interim DPS will be increased by 1p to 10p. Interim results will be published on Monday 17 February. Zeus View: These interims show the success of CLIG’s Diversification strategies (i.e. non-Emerging Market funds). Over the past two years, its Diversification FUM increased 150% and its contribution to group FUM risen from 13% to 26%. We take this opportunity to refine our forecasts using the following assumptions: § Financial markets and exchange rates remain at December 2019 levels. § The 5% EIP charge assumed for FY20E is not repeated in FY21E. § DPS nudged up 1p reflecting the interim DPS and strong net cash position. Consequently, we leave our FY(Jun)20E profit, and EPS forecasts unchanged and nudge up our FY(Jun)21E profit, and EPS forecasts by c 8%. Valuation: Over the past decade CLIG has delivered its shareholders over 12% pa total return, split 50:50 into capital return and dividend income. Diversification is creating shareholder value, delivering stability and growth in FUM, earnings and in turn valuation multiples. At 504p (14.5% above its current price), CLIG’s PER multiple of 13.0x would be less than the equity market and its dividend yield an attractive 5.5%.
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