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 Shares Traded Last Trade
  15.00 3.42% 453.00 8,722 16:35:12
Bid Price Offer Price High Price Low Price Open Price
450.00 452.00 457.00 441.00 441.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 33.26 9.41 30.30 15.0 230
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:12 UT 22 453.00 GBX

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City Of London Investment (CLIG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-01-18 16:35:12453.002299.66UT
2021-01-18 16:28:12451.973401,536.70O
2021-01-18 16:14:54455.006532,971.15O
2021-01-18 15:53:43455.00522.75O
2021-01-18 15:39:08450.0079355.50O
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City Of London Investment Daily Update: City Of London Investment Group Plc is listed in the General Financial sector of the London Stock Exchange with ticker CLIG. The last closing price for City Of London Investment was 438p.
City Of London Investment Group Plc has a 4 week average price of 421p and a 12 week average price of 381p.
The 1 year high share price is 478p while the 1 year low share price is currently 264p.
There are currently 50,679,095 shares in issue and the average daily traded volume is 18,240 shares. The market capitalisation of City Of London Investment Group Plc is £229,576,300.35.
masurenguy: APQ Global have sold their 1.67m stake (3.3%) over the past 3 weeks and are no longer shareholders in CLIG. Interesting to see that this disposal has had absolutely no negative impact on the shareprice, which has actually increased by 10% during this period. The book value of APQ shares crashed by 66% during the first half of 2020, from $72.9m on 1/1/20 to $24.8m at 30 June 2020. Their share price also declined pro rata from 68p to 17.5p at yesterdays close. Their motive for this disposal may therefore have been a requirement to increase their cash position in order to deal with investor redemptions.
masurenguy: A £117K share purchase at under 400p shows some insider confidence ! Rian Dartnell, a Non-Executive Director, a person discharging managerial responsibilities ("PDMR"), has purchased 30,000 ordinary shares of GBP0.01 each in the Company ("Ordinary Shares") at a price of GBP3.91956 per share. Following the purchase, Mr. Dartnell's beneficial interest is 50,000 Ordinary Shares, representing approximately 0.1% of the Company's issued share capital.
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.
skinny: Proposed Share Issue. Proposed Share issue in respect of all Share Merger of CLIG with Karpus Management Inc. ("KMI") As announced on 9 June 2020, the consideration due under the proposed merger (the " Merger " ) of CLIG with Karpus Management Inc ( " KMI " ), is to be satisfied through the issue of new shares in the capital of the Company ("New Shares"). As the aggregate assets under management of KMI's clients who have consented to the Merger is greater than US$3.0595 billion as at 28 September 2020, KMI Stockholders will receive, on the terms and subject to the conditions of the Merger Agreement, the maximum share consideration of 79.18 New Shares for every KMI Share, with any fractional entitlement to New Shares forfeited by the KMI Stockholders. Accordingly, after adjustment in respect of fractional entitlements, a total of 24,118,388 New Shares will be issued to KMI Stockholders. Application has been made for the New Shares to be listed on the premium segment of the Official List and to be admitted to trading on the premium segment of the main market of the LSE, in each case upon Completion, which is expected to be on 1 October 2020. Immediately following Admission of the New Shares, the Enlarged Share Capital will be 50,679,095 Shares
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.
skinny: 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.
nobbyx: By 'shareholders' do you mean day-trading gamblers? The spread has nothing to do with CLIG. In order to raise capital in the past CLIG issued Ordinary Shares to whowever had faith in the Company and was willing to buy them at the time for the price set by CLIG and its advisers. The decision about the pricing of subsequent sales and purchases of these 'second-hand' shares is not CLIG's business - it is the business of 'the market' over which CLIG has no control. The price of the shares is set by us guys depending how much we want to pay for them or how much we want for them if we decide to sell them. Anyone wishing to make a quick buck by gambling on the market should leave companies like CLIG out of it.
davebowler: Zeus- IMS reveals 14% AuM rise YTD What’s new. CLIG’s 3Q update on its Funds under Management (FuM) confirms that while Emerging Market Total Return Index rose 9.9%, CLIG’s FuM rose 13.9% to US$5,268m. The statement also revealed: § US$153m of net inflows: US$ 45m for Emerging Markets strategy and US$101m for Developed strategy; the Frontier and Opportunistic Value Strategies were essentially flat; § Strategies covering >95% of group FUM outperformed due to narrowing discounts and to a lesser extent, positive NAV performance. Frontier Strategy (under 5% of FUM) underperformed largely due to unfavourable NAV performance; § CLIG has an active pipeline across all major CEF offerings, with increased interest continuing to be seen in the non-Emerging Market CEF strategies (i.e. Developed, Opportunistic Value). § Current run-rate for operating profit per month of £1.5m, before profit-share of 30% and an estimated EIP charge of 5%, based upon current FuM and a US$/£ exchange rate of US$1.3. Zeus view. We note that the group FuM is currently above our forecast for 30 June 2019. Exhibit 10 shows the shift in Group FuM, analysed by strategy. Exhibits 6, 8 & 9 show CLIG’s impressive Emerging Markets strategy performance relative to its peers and benchmarks. We maintain our forecasts (Exhibits 1 & 2), which we last adjusted on 16 January 2019, and which are based on $1.31=£1 and on the MXEF ($) index being circa 1,070 for the next two years. We will review our forecasts again, when CLIG publishes its pre-close trading update on Tuesday 16 July. Valuation. CLIG shares at 399p are trading on a prospective dividend yield of 6.8% and PER of under 11.0x. This is inexpensive, particularly for a stock which has no debt, substantial net cash, and a good record of creating and distributing shareholder value. The close correlation between CLIG share price and the MXEF Index suggests that CLIG’s share price should be trading close to 420p (see Exhibit 12).
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