Move to the Official List and

RNS Number : 6685T

City of London Investment Group PLC

01 October 2010

 

City of London Investment Group plc

(the "Company")

Move to the Official List

and notification of directors' dealings

City of London Investment Group plc is pleased to announce that its intended move from the London Stock Exchange's AIM market ("AIM") to the Official List of the FSA (the "Admission") is expected to take place on 29 October 2010.

The Company gives notice under Rule 41 of the AIM Rules that cancellation of admission of the Company's shares to trading on AIM will take place simultaneously with the admission of the Company's shares to trading on the Official List which is expected to become effective at 8.00 a.m. on 29 October 2010.

The Board determined that the Company's shareholders should be given the opportunity to consider the proposed move and a resolution to approve the Admission was passed at the Company's General Meeting held on 14 July 2010. The Company will shortly be publishing its prospectus in connection with the Admission.

The Company takes the opportunity to provide an update with respect to its funds under management, which at 30^th September 2010 stand at $5.4 billion (£3.5 billion), which compares to $4.9 billion (£3.2 billion) at 31^st August 2010. The Company has continued to receive net inflows, with no evidence so far of outward rebalancing despite the strong relative performance of Emerging Markets in the year to date.

The Company would like to advise that on Thursday 30 September:

1. Barry Olliff, Chief Executive Officer, sold 500,000 Ordinary shares of 1p each ("Ordinary Shares") at a price of 350p per share. Following this sale, Mr Olliff has an interest of 4,293,683 Ordinary Shares in the Company representing 16.38% of the Company's issued share capital. This disposal of shares reflects Mr Olliff's stated intentions with respect to the sale of shares at given price levels, the next such sale being of 500,000 shares when a price of 400p per share can be achieved, subject as always to close periods and other regulatory requirements.

2. Douglas Allison, Finance Director, exercised options over 200,000 Ordinary Shares at an exercise price of 26p per share. In addition Mr Allison exercised options over 18,750 Ordinary Shares at an exercise price of 140p per share. Mr Allison subsequently sold 115,000 Ordinary Shares at a price of 350p per Ordinary Share. Following this exercise and subsequent sale Mr Allison has an interest of 414,375 Ordinary Shares in the Company representing 1.6% of the Company's issued share capital.

3.  Carlos Yuste, Business Development Director, exercised options over 31,300 Ordinary Shares at an exercise price of 26p and subsequently sold 31,300 Ordinary Shares at a price of 350p per Ordinary Share.  Following this exercise and subsequent sale, Mr Yuste has an interest of 314,925 Ordinary Shares in the Company representing 1.2% of the Company's issued share capital.

In addition, the Company notifies that in conformity with the FSA's Disclosure and Transparency Rules:

The Company's capital consists of 26,218,853 ordinary shares of 1p each with voting rights. No Ordinary Shares are held in treasury, therefore the total number of voting rights in the Company is 26,218,853.

The above figure (26,218,853) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

This announcement will be posted to the Company's web-site, http://www.citlon.co.uk.  For further information, please contact:

Doug Allison (Finance Director)	Andrew Dunn / James Midmer
City of London Investment Group PLC	Tavistock Communications
Tel: [phone]	Tel: [phone]
Jeff Keating	Simon Bridges
Singer Capital Markets Ltd	Cannacord Genuity Limited
Nominated Adviser & Joint Broker	Joint Broker
Tel: [phone]	Tel: [phone]

 

END

 

 

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