30 Apr 2015 07:00
LSE: CIN
30 April 2015
City of London Group plc
("COLG" or "the Company" and, together with its subsidiaries and associates, "the Group")
Completion of the sale of Therium Capital Management Ltd ("Therium")
The Company is pleased to announce that it has completed the sale of its interests in Therium, its litigation fund management associate.
The Company announced on 8 April that, subject to certain conditions being met, it had agreed to sell its interest in Therium for a total consideration of £3.4m of which £1.7m is payable in cash on completion with the balance being deferred. Yesterday, COLG completed the transaction and received the sale proceeds of £1.7m.
John Kent, Acting Chief Executive Officer, commented:
"Following the sale of Therium, the Company's investments are focused on providing specialist finance to the SME market - which we believe continue to provide significant growth opportunities."
For further information:
City of London Group plc | +44 (0)20 7628 5518 |
John Kent (Acting CEO) | |
N+1 Singer | +44 (0)20 7496 3000 |
Jonny Franklin-Adams, Richard Salmond |
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, as major national and foreign banks limit new lending to these borrowers. COLG seeks to identify and exploit product niches and business models in these sectors.
www.cityoflondongroup.com