31 Aug 2012 11:41
City of London Group plc ("COLG" or "the Company")
Awards under the Company's Annual and Deferred Incentive Plan ("the Plan")
On 30 August 2012 certain directors of the Company acquired the ordinary shares of £0.10 in the capital of the Company ("Ordinary Shares") listed below pursuant to awards vesting under the Plan in respect of the financial year ended 31 March 2010.
No awards vested in respect of the first tranche of deferred awards for the financial year ended 31 March 2011.
No awards were made in respect of the financial year ended 31 March 2012.
Financial year ended 31 March 2010
The participants elected to have tax and national insurance deducted from the award and therefore to receive a reduced number of shares as set out below:
Eric Anstee | 23,292 Ordinary Shares |
John Kent | 15,343 Ordinary Shares |
The awards will be satisfied by the purchase of shares by the Company from the Employee Benefit Trust at 81p per share. Following these transfers, the EBT holds 426,996 Ordinary Shares representing approximately 2.32 per cent of the total shares in issue of 18,369,657.
Eric Anstee now holds a beneficial interest in a total of 455,190 Ordinary Shares, being 2.48 per cent. of the shares in issue.
John Kent now holds a beneficial interest in a total of 211,847 Ordinary Shares, being 1.15 per cent. of the shares in issue.
31 August 2012
For further information:
City of London Group plc | Tel: +44 (0)20 7628 5518 |
Eric Anstee John Kent | |
Singer Capital Markets | Tel: +44 (0)20 3205 7500 |
Jonny Franklin-Adams Matt Thomas | |
College Hill | Tel: +44 (0)20 7457 2020 |
Tony Friend Antonia Coad |
Notes to Editors
City of London Group plc (COLG) is an investment company, with a wide range of national and international investments. A public company since 1986, COLG has had a full London Stock Exchange listing since August 1996 (LSE symbol CIN).
The Company's strategy is to build a quality Financial Services Group centred on Specialist Financing and Alternative Fund Management. The Company believes there are particular opportunities in the SME and professional services sectors as major national and foreign banks limit new lending to these borrowers. It therefore 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.
The Group seeks above-average performance in growth and income via a prudent mix of low, medium and higher-risk investments. It holds a legacy portfolio of income stocks, offering a high degree of security, which are balanced by a higher risk portfolio, which is primarily focused on the minerals and resources sector, where the Board has particular experience.
Since the final quarter of 2009, 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 provides asset backed finance and working capital loans to professional practice firms and finally Trade Finance Partners Limited, a trade finance provider to the SME market.