23 Dec 2010 09:12
This replaces the announcement released on the 23rd of December, 2010 at 8:51am under RNS Number 5045Y.
The 2nd Paragraph has been amended: Trading begins on 24th December not 23rd.
All other details remain unchanged.
City of London Group plc ("COLG")
Helium Special Situations Fund exercises 200,000 warrants at 86.7p
COLG is pleased to announce that it has today issued a further 200,000 ordinary shares of £0.10 each to Helium Special Situations Fund (Helium) at a subscription price of £0.867 per share, raising £173,400 in aggregate, following the exercise of warrants held by Helium. The warrants had been issued as part of the share placing to Helium on 16 August 2010.
The new shares will be admitted to the Official List of the UK Listing Authority and to trading on the main market for listed securities of London Stock Exchange plc from 08.00 Friday (24 December).
The funds will be used for adding to COLG's continuing programme of seed funding of specialist alternative funds.
Eric Anstee, Chief Executive of COLG said, "We are delighted that Helium and David Newton, Co-investment adviser to the fund run by ISPartners Investment Solutions have elected to make this further significant investment in COLG at this time. We believe this is a further demonstration of the belief in our strategy to produce superior returns to our shareholders".
David Newton, Co-investment adviser to Helium said "We are delighted that the Helium Special Situations Fund have elected to make this further significant investment in COLG at this time. We believe this is a further demonstration of the belief in our strategy to produce superior returns to our shareholders"
The above issue of shares is made in accordance with the existing authorities granted to the Board at the 2010 AGM.
The Company advises that following the issue of shares on 23 December 2010, the total number of ordinary shares in issue is 11,136,642, with each share carrying the right to one vote. Of these, 190,273 shares are held in Treasury. The total number of voting rights in the Company is therefore 10,946,369.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, COLG under the FSA's Disclosure and Transparency Rules.
23 December 2010
For Further Information:
City of London Group plc | |
Eric Anstee, Chief Executive | 020 7628 5518 |
07836 666 339 | |
College Hill | 020 7457 2020 |
Roddy Watt | |
Seymour Pierce | 0207 107 8000 |
Guy Peters |
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 Group's strategy is to build a Quality Financial Services Group centred on specialist financing and Alternative Fund Management. It 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. Its future will create a number of specialist funds to support business models and management skills where financing opportunities exist and yet conventional funding is not available.
Since the final quarter of 2009, significant Seed funds have been pledged to Therium Capital Management Limited a third party Litigation Funder and St. Helens Finance legal Funding providing working capital loans to law firms. Historical Investments have been made in Fundamental Tracker Investment Management Ltd, a privately quoted asset management company based in Glasgow (www.fundamentaltracker.com) and FX Capital Group, a privately quoted foreign exchange dealing company (www.fxcapitalgroup.co.uk). These investments are part of a policy of building a range of interests in the financial services sector.
For more information contact:
Eric Anstee, Chief Executive 0207 628 5518
www.cityoflondongroup.com