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Share Name Share Symbol Market Type Share ISIN Share Description
City Of London Investment Group Plc LSE:CLIG London Ordinary Share GB00B104RS51 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.00 0.46% 437.00 436.00 445.00 445.00 431.00 445.00 14,793 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 33.3 9.4 30.3 14.4 221

City Of London Investment Share Discussion Threads

Showing 2576 to 2598 of 2700 messages
Chat Pages: 108  107  106  105  104  103  102  101  100  99  98  97  Older
DateSubjectAuthorDiscuss
09/6/2020
06:32
Glad this deal has been announced. Hopefully they will comment on the dividend also which has clearly been holding the share price back.
creme de menthe
09/6/2020
06:16
Great deal, it looks like.
montyhedge
09/6/2020
06:03
Proposed All Share Merger of CLIG with KMI. City of London Investment Group PLC, today announces that it has entered into a Merger Agreement to acquire the entire issued share capital of Karpus Management Inc., a US-based investment management business, on a debt free basis, to be satisfied through the issue of up to 24,118,400 new shares in the capital of the Company which, based on the closing price of the Shares on the date of the Merger Agreement of 325 pence per Share, equates to £78.4 million. In addition, each KMI Stockholder will be entitled to a cash payment pro rata to their interest in KMI of the amount by which the net working capital of KMI at Completion exceeds US$550,000 up to a maximum amount in aggregate of US$550,000. Summary Rationale The Company has, over the years, looked at a wide range of businesses to identify opportunities to spread risk, create economies of scale, and provide greater security and career opportunities for employees. On each occasion when management looked in depth at a business, they decided for cultural or structural reasons, or as a result of conflicts of interest, not to proceed. In deciding to proceed with the Merger with KMI, the Directors believe that it will deliver the following key benefits: · the Directors believe that the Merger with KMI is highly complementary and represents an opportunity for significant diversification, which is in line with the Group's strategic plan; · the Directors believe that that the addition of KMI will reinforce the Group's presence in the US where it is already very well established; · the Merger has the potential to be earnings enhancing for the first full financial year following Completion; · the Merger is expected to establish CLIG in a new but related segment with immediate scale. KMI invests predominately in closed-end funds ("CEFs"), which relates to CLIG's core market, and has delivered strong investment performance for its clients; · the Directors believe that the Merger will also diversify CLIG from the potentially more volatile Emerging Market segment of asset management, therefore reducing earnings volatility for the Enlarged Group; · the clients of KMI are largely drawn from the wealth management sector and the Directors believe that earnings of the wealth management sector can be less volatile than other parts of the asset management sector and can offer long-term stable client relationships; · the founder and management team of KMI will become significant stakeholders in the Enlarged Group as the Merger is a share-based transaction; · the Directors believe that in the medium term onwards, the Merger has the potential to improve liquidity in the Shares, to provide employees with additional career opportunities and to develop the Company's strategy and ambitions to compete more extensively and in new markets. Impact of Covid-19 The Board has considered carefully the impact of the COVID-19 pandemic and has concluded that the strategic rationale for the Merger remains sound and indeed may have been enhanced given the strong strategic fit of the two businesses, the diversification of the revenue base and risk mitigation which the Directors strongly believe will result from the Merger. Furthermore, the Board is confident that both businesses are well set to take advantage of opportunities when the situation has stabilised. About Karpus Management Inc. KMI is a US SEC-registered investment management business, with its principal place of business located in Pittsford, New York, that uses CEFs amongst other securities as a means to gain exposure for its client base comprising US high net worth clients and corporate accounts. KMI was founded by George Karpus in 1986, growing the business to an estimated US$3.4 billion in funds under management as at 31 May 2020. George Karpus is currently chairman of the board and chief investment strategist of KMI. Prior to founding KMI, George Karpus held key positions at two brokerage firms, a regional bank and another investment advisory firm. George Karpus is resident in, and a citizen of, the United States. George Karpus is the largest shareholder with approximately 66.1 per cent. of KMI's equity, with 13.3 per cent. owned by George Karpus' family members, 10.0 per cent. by a charitable foundation and a university, and the remainder by management and one former executive. As at 31 March 2020, KMI managed US$3.2 billion in funds under management for 2,273 client accounts. Most client assets are managed in balanced portfolios, with over 50 per cent. invested in CEF and CEF-preferred securities.
skinny
04/6/2020
08:19
Thanks skinny.
rcturner2
04/6/2020
08:18
320p on the bid, still. share price has totally ignored the recent rally. And you can buy as much as you like. Definitely still an overhang. I'm trying to determine the risks (another crash - but you can index short to protect yourself), fund outflows (?), poor sentiment towards EM (and China) due to the pandemic? Final dividend should probably be safe given the rally.
frazboy
04/6/2020
06:35
That's a direct lift from their website. Edit :- monthly chart added for the period.
skinny
04/6/2020
06:34
Skinny, nice chart, are you able to put the share price on top of it?
rcturner2
03/6/2020
12:21
FUM in May @$5bn was 3.6% up on April and 13.5% up on March. The last time FUM was at $5bn was 18 months ago, in January 2019, when the shareprice was circa 380p.
masurenguy
03/6/2020
12:11
FUM as at the end of May was just shy of US$5bn. The high (Dec-19) was a shade over US$6bn with the share price at 440p at the end of the month. Though it's clearly not a linear relationship, FUM down 17% and CLIG down 28% doesn't look right to me. Gradually buying, though I'm not sure if I trust the FTSE up here...
stun12
27/5/2020
12:55
Increased broker forecasts could reflect FUM being up by 9.7% in April, compared to March.
masurenguy
27/5/2020
11:06
Stockopedia is showing quite significant increases over the last couple of months in consensus broker forecasts for 2020 and 2021. Is that accurate please? Obviously only in terms of the forecasts not whether they have any relationship to the numbers we will see in due course.
shanklin
20/5/2020
20:58
Divi will be slashed next year imo
my retirement fund
20/5/2020
20:50
Unless they sell the rest....
otemple3
20/5/2020
17:27
Blackrock have disposed of 1,181,950 shares and reduced their holding from 9.9% to 5.4%. This probably held the price back and now the overhang has cleared the shareprice could revive.
masurenguy
30/4/2020
11:26
Update to Zeus forecast Recent news: On 21 April CLIG’s 3Q trading update to 31 March 2020, revealed: § 27% fall in Funds Under Management (“FUM”) from US$6.0bn to US$4.4bn ­ with weaker Sterling, FUM in £ fell 20% from £4.5bn to £3.6bn. § In 3Q, while Diversification CEF strategies (Opportunistic Value and Developed funds) had net inflows of US$25m, the Group’s Emerging Market Funds had net outflows US$68m § The Group has an active pipeline across all its major CEF offerings with increased interest in the Diversification CEF strategies § Post COVID-19, income to FuM remains unchanged at c. 75 bps of FuM Financial markets have been volatile: On 20 January 2020 the MXEF index hit a 52-week high of 1151, by 20 March 2020 MXEF had fallen 28% to a low of 752. From 20 March to 31 March 2020 the MXEF index had recovered 10% to 827. In April 2020 the MXEF index has risen 12.6% to 931. Changes to Zeus forecast: Using MXEF of 888 and with consequentially lower market values for FUM, we cut our P&L forecasts but maintain our DPS forecasts: § Trim our FY(Jun)20E revenue by 2.4% to £32.0m; § Cut our FY(Jun)20E adj PBT by 15.9% or £2.0m to £10.6m; § Cut our FY(Jun)20E adj diluted EPS forecast by 16.2% to 32.5p These changes to our FY(Jun)20E forecast reflects the strong 1H20 results (published in February 2020 and are set out in Exhibits 4, 5, 6 & 7), the performance in 3Q and an assumption that markets fall back to 888. We leave our DPS forecasts unchanged as on 31 December 2019, as the Group had no bank debt, £12.5m of cash at bank, and an operating model which remains cash generative. On our forecasts we expect the 28p dividend to be covered by cash EPS. Valuation: On our rebased forecasts, at 316p CLIG shares trades on 9.7x our new forecast for FY20E diluted EPS and offer investors an 8.9% dividend yield on our forecasts based on MXEF index of 888.
davebowler
29/4/2020
17:01
Picked up a few at 322p having got out at various prices on the way down. There was an unusually small dealing spread, so there must be some paper around for a change. Probably too early, but the bounce from the low has been somewhat muted so far.
stun12
26/4/2020
12:39
Major shareholders as at Friday's close updated in the header. Since the beginning of this year two shareholders have reduced their position - Barry Olliff from 7.6% to 7.0% (pre-programmed) and Polar Capital from 3.7% to 2.99% - and one (APQ Global) has increased their stake from 5.5% to 6.2%.
masurenguy
24/4/2020
06:50
Some comments from the Henderson Far East Income report which also have relevance to the future prospects for CLIG ! "The impact on corporate earnings will be significant and although a consensus of analysts is still expecting Asian earnings to grow in 2020 this forecast is constantly being revised lower. The outlook for dividends is expected to be more resilient. Asian corporates are in a much heathier state than they were in 2008. Balance sheets are strong, cash flow generation is high, debt is low and the large gap between earnings per share and dividend per share allows some flexibility with dividends if/when earnings come under pressure........It is difficult to predict how long the impact from the virus will last but there are some things we are pretty convinced about. First and foremost, interest rates will go lower and remain low for some considerable time. With ageing populations and interest rates at record lows the demand for income will remain considerable while the attractiveness of equities looks increasingly appealing compared to bonds and cash. We are positive on the outlook for Asia in the years ahead but fully expect volatility to continue in the short term. Although the virus appears to be past the worst in Asia, the rest of the world and especially the US are still in the escalation phase which will ensure things get worse before they get better."
masurenguy
23/4/2020
08:18
Seems Polar are really forced sellers, with redemptions.
montyhedge
23/4/2020
05:35
Indeed..We all benefit from you keeping an eye on things and sharing so thanks masureguy.
robsy2
22/4/2020
15:32
Thanks for this interesting information, Masurenguy.
nobbyx
22/4/2020
13:55
Polar Capital have recently reduced their position here by selling just under 194K shares. They also have reduced/eliminated their positions in some other stocks that I own in order to fund investor redemption's. Their recent disposal has reduced their holding to 794.2K or 2.99%. They are now below the reporting threshold and may seek to reduce or even liquidate their residual holding here. This may presage some further weakness in the shareprice until they complete their disposal target here.
masurenguy
22/4/2020
13:33
Handling challenging markets well 22 April 2020 Hardman & Co: Dr Brian Moretta City of London has announced a trading update for 3Q’20. Market conditions have been challenging for fund managers. With a largely institutional investor base, there has been a mixture of subscriptions and withdrawals, with net withdrawals in the quarter of $35m. Falling markets weighed more heavily on FUM and, at the end of March, total FUM were $4.40bn, down from $6.01bn three months earlier. We do note that markets have recovered somewhat so far in April, suggesting current FUM will have clawed some of that back. No decision has been taken on the dividend, but near-term increases look unlikely. Operations: The revenue margin is holding steady at 75bps. There is no direct news on costs, with City of London’s financial strength and desire for stability allowing it to prioritise keeping its team in place. Operationally, it has executed its business continuity plan, and all staff are working remotely. Performance: All of the strategies underperformed over the quarter, particularly in March. Widening discounts were the main cause, perhaps aggravated by liquidity issues, although NAV underperformance also contributed. There has been some narrowing of discounts in April. Valuation: The 2020E P/E of 8.9x is at a discount to the peer group. The underlying 2020E yield of 8.6% is attractive, in our view, and should, at the very least, 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. Valuation remains reasonable. FY’17 and FY’18 both saw dividend increases. While dividend increases may be unlikely amid the current volatility, we believe the company can keep the dividend steady in current market conditions. https://www.hardmanandco.com/wp-content/uploads/2020/04/CLIG-report-22-April-2020.pdf
masurenguy
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