Business
Placing and Admission to AIM
Placing and Admission to AIM.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n City of London Investment Group PLC\n12 April 2006\n\n\nEmbargoed until 07.00, 12 April 2006\n\n\n CITY OF LONDON INVESTMENT GROUP PLC\n ('City of London', 'the Group', or 'the Company')\n\n\n PLACING OF ORDINARY SHARES, ADMISSION TO TRADING ON AIM \n AND FIRST DAY OF DEALINGS\n \n\nCity of London Investment Group PLC (AIM: CLIG.L), a leading emerging market\nasset management group, announces that Admission of its ordinary shares to\ntrading on AIM will take place today. Teather & Greenwood Limited is acting as\nNominated Adviser and Broker to the Company.\n\n\nThe company has placed 24.51% of its issued share capital and at the issue price\nof 180p per share the Company will have a market capitalisation of £48.2 million\non admission. The audited accounts for the nine months ended 28 February 2006\nshow turnover of £9.9 million, operating profit of £3.4 million and profit after\ntax of £1.9 million, with Funds under management of approximately $2.7 billion.\n\n\nFunds under management have risen from $340 million as at 31 May 2003 to $2.7\nbillion at 28 February 2006, rising to approximately US$2.9 billion at today's\ndate, and revenues have risen from £2.8 million for the year ended 31 May 2003\nto £9.9 million for the 9 months ended 28 February 2006.\n\n\nCity of London is an asset management group whose principal activity is\nproviding emerging market asset management products and services predominantly\nto institutional investors via its principal operating company City of London\nInvestment Management Company Limited. The Group is based in the UK and also has\noffices in the US and Singapore. Clients include some of the US's leading blue\nchip institutions and endowment funds.\n\n\nWith total funds under management of approximately $2.9 billion (£1.6 billion),\nthe Group manages several Open Ended Funds as well as a number of segregated\naccounts. The Group's fund mandates are mainly in emerging markets, although the\nGroup has more recently diversified its asset management product portfolio by\nthe launch of a natural resources fund and has also seeded three new funds: a\nglobal fund, a frontier fund and an emerging markets yield fund. The Group seeks\nto provide capital growth for clients through active country allocation and\nstock selection.\n\n\nPlacing Statistics:\n\nPlacing Price 180p\nNumber of Ordina...