CIN.L Regulatory News (CIN)

16 Aug 2007 12:46

City Of London Group PLC16 August 2007 RELEASED ON BEHALF OF: CITY OF LONDON GROUP PLC August 16, 2007 Interim Management Statement And Annual Meeting CITY OF LONDON GROUP IMPROVES TRADING BY 20P.C. WHILE ASSETS PER SHARE REMAIN STEADY • Turmoil In Stock Markets Leaves Assets Per Share Relatively Unscathed At 80.7p • Group Plans To Take 33.3p.c. Interest In New Fund Management Company • FSA Authorisation For City Of London Financial Services "A Whisker Away" A slight improvement in trading in the four month period ended July 2007 andresilience of the group's share portfolio during the current storm in stockmarkets were reported by City of London Group chairman, John Greenhalgh, at theannual meeting in London today. He said that trading by the company's specialist financial public relationsoffshoot showed a healthy 20p.c. rise in turnover to £106,000 (£89,419) duringthe period, while assets per share - half in cash or near cash - resistedmarket turmoil and, at Tuesday (Aug 14), stood at 80.7p compared to 78.8p at theend of March. Discussions were taking place about the future development of the financialpublic relations side. The Group, he added, was well positioned for change and continued to examine anumber of investment prospects. On the smaller side, it had agreed Heads ofTerms to take a 33.3p.c. interest in a new investment management company runfrom Scotland and launching its first fund in the autumn. City of London Financial Services' own application for FSA approval was in thefinal stages of consideration with approval considered to be "a whisker away".The plans for COLFS, he said, would be announced later. The Board paid tribute to Mr. Michael Nicol, a non-executive Board member since1996, who retires from the company as at the close of the AGM. All resolutions, including special business, before the AGM were passedunanimously. Further info: John Greenhalgh Chairman City of London Group Plc. Tel: 020-7628-5518Peter Doye Deputy Chairman City of London Group Plc.www.cityoflondongroup.com City of London Group Share Price This information is provided by RNS The company news service from the London Stock Exchange