City of London Investment Group (CLIG): Careful management allows special dividend
City of London has announced its results for 1H of FY’19. With the headline revenue and profitability figures having been given in January’s trading statement, the main headline is the announcement of a special dividend of 13.5p. This will be paid at the same time as the interim dividend and will cost £3.4m. Given the company had £18.7m of cash at 31 December, this will still leave it with a more than comfortable capital position. Although City of London has increased its dividend over the last couple of years, it has still been accumulating additional cash, so this return of some surplus will be welcomed.City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.
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