Endowment of Foundation by Ex

RNS Number : 7767X

City of London Investment Group PLC

10 December 2010

 



10 December 2010

 

 

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

 

EndowMENT OF FOUNDATION BY EXECUTIVE DIRECTOR

City of London Investment Group Plc (LSE: CLIG) announces that Barry Olliff, Chief Executive Officer, has endowed a foundation in the United States, the Newlin Foundation ("the Foundation"), dedicated to assisting students in the community surrounding City of London's US office in Coatesville, Pennsylvania to attain post secondary education at a College or University.  The endowment of the Foundation by Barry will take the form of the gift of shares in City of London from his personal holding.  The initial gift will be 500,000 shares.

The Foundation's independent Board of Trustees ("the Trustees") has agreed to be bound by the undertakings made by Barry (and already announced) regarding his disposal of shares.  This means that the potential disposal of a total of 500,000 shares at a price of 450p and a further 500,000 shares at 500p will come from either Barry's remaining personal holding or from the shares administered by the Trustees or a combination of both, with the total amount remaining the same.  The Trustees have further agreed to be bound by all restrictions placed on Barry's disposals, including those relating to insider status, close period and any disposal rules and limitations as agreed with the Company's Board. The Newlin Foundation is entrusted under the auspices of the Chester County Community Foundation, a charitable 501(c) 3 foundation headquartered in West Chester, Pennsylvania, US.

Following the initial transfer of 500,000 shares, Barry Olliff's interest in the Company is 3,632,580 shares, representing 13.64% of the issued share capital.  The transaction has taken place during a close period for the Company, which began on 1 December 2010 and will end with the publication of results for the six months ended 30 November 2010 on 24 January 2011.  As a consequence, Singer Capital Markets Limited, the Company's financial adviser and joint broker, has approved the transaction, having gained prior clearance from the UKLA.

 

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For further information, please visit www.citlon.co.uk or contact:

Doug Allison (Finance Director)	Simon Hudson / Andrew Dunn
City of London Investment Group Plc	Tavistock Communications
Tel: [phone]	Tel: [phone]
Jeff Keating	Simon Bridges
Singer Capital Markets Limited	Cannacord Genuity Limited
Financial Adviser and Joint Broker	Joint Broker
Tel: [phone]	Tel: [phone]

 

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