23 Sep 2014 07:00
LSE:CIN
23 September 2014
City of London Group plc ("COLG" or "the Company" or "the Group")
Statement to AGM
The Company will be holding its Annual General Meeting at 10.00am this morning and John Kent, Acting Chief Executive, will make the following statement.
"Since the preliminary announcement of the Group's results on 3 July 2014 and the Interim Management Statement issued on 19 August 2014, the Company has been progressing its plans. In particular, it is now in advanced discussions around the sale of Therium, its litigation fund manager associate. Trade Finance Partners, the Company's trade finance associate, has stepped up its facility with Macquarie Bank limited from £23m to £28m and anticipates a further step up as demand for its services increases. Discussions continue on the forward financing of Credit Asset Management, the Group's SME leasing and professional loans business, and the Board hopes to reach a clear resolution by the calendar year end. Meanwhile we are continuing to reduce the Group's central costs to the target run rate of £500k p.a. by the calendar year end."
Enquiries:
City of London Group plc | +44 (0)20 7628 5518 |
John Kent (Acting CEO) | |
N+1 Singer (Broker) | +44 (0)20 7496 3000 |
Jonny Franklin-Adams / Richard Salmond | |
Note on forward looking statements
This statement may contain certain statements about the future outlook for COLG and its subsidiaries and associates. Although the directors believe their expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes to be materially different. This statement has been drawn up and presented with the purposes of complying with English law. Any liability arising out of or in connection with it will be determined in accordance with English law.
Notes to Editors
City of London Group plc is fully listed on the London Stock Exchange plc (LSE symbol CIN).
COLG is a financial services group focused on providing finance to the SME and professional services sectors. It does this by financing trade and securing specialist funding throughout the supply chain to help fuel growth in these sectors. COLG seeks to identify and exploit product niches and business models in these sectors where they are supported by strong day to day management teams, providing initial equity, working capital and seed funding for those teams.
Since 2009, COLG has focused on Specialist Financing and Alternative Fund Management. As part of its strategy to build a quality Financial Services Group, COLG has developed four specialist financing funds, pledging significant seed funds to Therium Capital Management Limited, a third party Litigation Funder, Credit Asset Management Limited and Professions Funding Limited, which respectively provide asset backed finance to SMEs and working capital loans to professional practice firms and finally Trade Finance Partners Limited, a trade finance provider to the SME market.