City of London Investment Group PLC - investment manager - Declares 20 pence final dividend for the financial year that ended June 30, up 11% from 18p a year before, making for a 30p annual payout. This is down from 40.5p in financial 2019, which included a 13.5p special payout. Funds under management are USD5.5 billion on June 30, up slightly from USD5.4 billion a year before. Revenue, which is management charges on FUM, rise to GBP33.3 million from GBP31.9 million. Pretax profit slips to GBP9.4 million from GBP11.4 million. Says merger with Karpus Management Inc is on schedule to complete on October 1. Karpus has USD3.6 billion in FUM as of August 31, up from USD3.4 billion on May 31. Susannah Nicklin will step down from the CLIG board at the October 19 annual general meeting, and a replacement is being sought.
Current stock price: 401.00 pence
Year-to-date change: down 8.9%
By Tom Waite; thomaslwaite@alliancenews.com
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City Lon Inv (CLIG)