www.citlon.co.uk/

int ex 9/2. fin ex 27/11
City of London Investment Management Company Limited operates from four centers, London, Philadelphia (established 1995), Singapore (established 2000) and Dubai (established 2007), managing assets primarily for institutional investors.

In 2002 and 2003 the investment team started to delve deeper into the stages of country development from "developing" to "developed", especially China and India, and the implications thereof, namely, the rise in the consumption of natural resources.

In 2004, using our in-house equities team, we launched the Natural Resources strategy in order to capitalise on the growing demand for natural resources via a stock selection process.

In 2005, we extended our emerging markets expertise into the frontier markets by launching the Frontier Emerging Markets strategy.

In 2009, we applied our unrivaled knowledge of closed-end funds around the world to the development of a Global Closed-End Fund strategy, using the same investment process as in our Emerging Markets Closed-End Fund strategy.

In 2010, our equity team launched the Emerging Market Equity strategy which aims to achieve long term capital growth from investing in companies which derive the majority of their profits from the emerging economies. The strategy provides diversified global emerging markets exposure, although sector and country allocation will be actively managed and stock selection will reflect a strong thematic overlay.

D M. Cardale – Non-Executive Chairman
Barry. M. Olliff – Chief Executive Officer, Chief Investment Officer
Carlos. M. Yuste – Business Development Director
Tom. W. Griffith – Chief Operating Officer


In 2011, our equity team launched the Emerging Market Equity strategy which aims to achieve long term capital growth from investing in small capitalisation companies which derive the majority of their profits from the emerging economies. The strategy provides diversified global emerging markets exposure, although sector and country allocation will be actively managed and stock selection will reflect a strong thematic overlay.

;)

Trading Update

City of London confirms divi timetable
StockMarketWire.com
City of London Investment Group's board has confirmed the final dividend timetable for the year ended 30 June.

The dividend of 16p per share will be paid on 30 October to shareholders of record on 9 October. The ex-dividend date is 8 October.

At 9:44am: (LON:CLIG) City of London Investment Group PLC share price was +19.25p at 352.5p

Final Results

SUMMARY

•Funds under management (FuM) at 30th June 2015 were US$4.2 billion (2014: US$3.9 billion), an increase of 8%. In sterling terms, FuM increased by 17% to £2.7 billion (2014: £2.3 billion) as a result of the cross rate moving from1.71 to 1.57 over the period. The MSCI Emerging Markets TR Net Index fell 5% over the same period.

•Revenues, representing the Group's management charges on FuM, were £25.4 million (2014: £24.2 million). Profit before tax was £8.9 million (2014: £7.4 million).

•Basic earnings per share were 26.4p (2014: 21.1p) after a tax charge of 26% (2014: 28%) of pre-tax profits.

•A maintained final dividend of 16p per share is recommended, payable on 30th October 2015 to shareholders on the register on 9th October 2015, making a total for the year of 24p (2014: 24p).

•Opened new office in Seattle, May 2015.

Canaccord Genuity Buy 335.00 369.00 400.00 Retains

City of London Investment Group
First quarter trading update
City of London issued a trading statement this morning about their first quarter performance. Funds under management were $3.6bn as of the end of September. This is down on the $4.2bn as of the end of June, but slightly ahead of the last figure given with the annual results of $3.5bn. Profitability in the first quarter was £1.2m after tax. As well as weak markets weighing on fees, they have had an adverse effect on the company’s seed investment holdings, which has led to an unrealised loss of £0.2m.

Pipeline: The company indicates that the pipeline of potential mandates is still good, with $750m across all its main product areas. It is expected that this will give net gains of at least $250m over the next 6-9 months. We’d suggest in the current market environment timing will inevitably have some uncertainty.

Costs: Overall costs overall were in line with expectations at £0.8m per month before profit share. City of London has shown in the past it can cut the fixed cost base when markets are challenging, and has indicated that it is about to do so again.

Valuation: The shares have gone ex-dividend today. The prospective P/E of 15.0 times is a discount to the peer group. The yield of 7.2% is very attractive and should at the very least provide support for the shares in the current volatile markets.
Risks: To date City of London has not experienced the sorts of outflows that some other emerging market fund managers have, aided by its good performance and strong client servicing. Further EM volatility may increase that risk.

Investment summary: City of London has continued to show robust performance in challenging market conditions. The valuation remains reasonable. Without a market recovery the dividend may be uncovered in 2016, but with over £10m of cash the company can easily cover the £0.4m gap that current market levels imply.

Financial summary and valuation:

Year end Jun (£m) 2012* 2013* 2014* 2015 2016E 2017E
FUM ($bn) 4.48 3.71 3.90 4.20 3.99 4.60 Revenue (£m) 34.14 29.36 24.22 25.36 22.77 24.41 Statutory PTP 11.46 8.86 7.24 8.93 8.06 9.37 Statutory EPS (p) 33.8 24.9 20.7 26.4 22.2 27.9 Dividend (p) 24 24 24 24 24 24
P/E (x) 9.9 13.4 16.1 12.6 15.0 11.9 Yield 7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

Source: Hardman & Co Research * 2012 and 2013 had May year ends. 2014 had 13 months in financial year.

AGM Trading Update

An after hours announcement today.

http://www.moneyam.com/action/news/showArticle?id=5137135

Good afternoon. Please find below a TV interview with CLIG's Barry Olliff

www.fmp-tv.co.uk/company/city-of-london-investment-group-investors-video-and-news/

Thanks dino,

I am using a newer computer and can't download Flashplayer at the moment, Anyone of you regulars on here listened to it yet?.. Fred, Skinny, Baylis or Balerboy?

Refreshingly straight talking - the video - not Stan! :-)

Stan.

one of my unrewarding buys.

Just in profit due to the good dividend.

As skinny said, seems straight moderate talking and I will hold for a while longer expecting continued div and some slow price gain.

Thanks both, not in these at the moment but Bazzer is the biggest shareholder so worth a listen to I think, Fred you introduced me to CLIG and providing you watch the silly spread (at times) iv'e found it a good money maker and as you say the large divi can get us out of trouble .. you can't beat a straight talker I always say Skinny -):

I've been in these for a couple of years now @235.50 - so quite happy @+45% plus 4 figures in dividends.

Barry is always clear about his selling strategy, which means I can sleep at night.

As mentioned before, the downside can be the crazy spread at times - which may affect any exit strategy (of mine).

Trading update http://www.moneyam.com/action/news/showArticle?id=5191019

HALF YEAR RESULTS TO 31ST DECEMBER 2015

City of London (LSE:CLIG) announces half year results for the six months to 31st December 2015.

SUMMARY

• Funds under Management ("FuM") of US$3.8 billion (£2.6 billion) at 31st December 2015. This compares with US$4.2 billion (£2.7 billion) at the beginning of this financial year on 1st July 2015 and US$4.0 billion (£2.6 billion) at 31st December 2014

• FuM at 31st January 2016 of US$3.5 billion (£2.5 billion)

• Revenues representing the Group's management charges on FuM, were £11.8 million (2014: £12.2 million)
Profit before tax of £3.6 million (2014: £4.3 million)

• Maintained interim dividend of 8p per share payable on 11th March 2016 to shareholders on the register on 26th February 2016

• Cash and cash equivalents at the period end of £8.4 million (2014: £8.1 million)


This release includes forward-looking statements, which may differ from actual results. Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group's operations, results of operations, growth strategy and liquidity.

StockMarketWire.com
City of London Investment Group's funds under management rose to $3.9bn at the end of March - up around 3% from $3.8bn at the end of December.

The MSCI Emerging Markets TR Index (NDUEEGF) rose c6% over the same period. Over the past three months inflows have marginally exceeded outflows. As referenced in the recent Interim Statement, the Group maintains a robust pipeline of potential business. This pipeline includes all three business lines. Investment Performance for the quarter has been disappointing with approximate underperformance of 3%. This has been due to discount widening and also greater exposure to small cap via the Closed End Funds in which the Group invests.

Investment performance remains in the 1st or 2nd quartile for all annualised periods.

The group also announced that Rian Dartnell will be resigning from the board from 1 July in order to focus on his recent appointment as chief executive of SHL Capital. The board thanked him for his contribution over the last five years and said his experience and advice will be greatly missed. Dartnell said: "It has been an honour and a pleasure to serve with such an able Board, overseeing an exceptional team and process at City of London. I will miss my time with my colleagues. I am confident the firm remains in strong hands and anticipate continued success at City of London."

And the group also announced the appointment of Zeus Capital as sole broker and financial adviser with immediate effect.

Hardman & Co issues research report on City of London Investment Group (CLIG.L)

Q3 boosted by market recovery
City of London issued a trading statement for the FY third quarter. Funds under management have benefitted from the equity market recovery and finished the quarter at $3.9bn, a 3% rise over the figure at the end of 2015. Unfortunately this lagged the MSCI Emerging Markets Index rise of 6%. The main factor in this lag was underperformance, with discounts on the underlying Closed End Funds widening and an overweight exposure to small-cap companies within those funds. This follows a lengthy period of outperformance and annualised figures remain first or second quartile across all periods.

ex div on 13 oct

AGM Trading Update - 1st Qtr Funds under Mgmt

AGM Trading Update - 1st Quarter Funds under Management (FuM)

City of London (LSE: CLIG), a leading emerging markets asset management group, announces that as at 30th September 2016, FuM were US$4.3 billion (£3.4 billion). This compares with US$4.0 billion (£3.0 billion) at the Company's year-end on 30th June 2016. In US dollar terms, this represents an increase of c9% (based on actuals not rounded figures) in-line with the MSCI Emerging Markets Net TR Index (US dollar based), which also rose by c9% over the same period.

Monthly updates of FuM are available on our website www.citlon.co.uk.


BREXIT

It is worth reiterating CLIG's experience with regard to BREXIT:

· Virtually all CLIM income is USD based - our fees are sourced from US Institutions
· No adverse effects on FuM since the referendum result
· Over 90% of CLIM income on a see through basis is effectively derived from the Emerging Markets
· Approximately 40% of Group costs are in GBP
· Only 2.5% of CLIM assets are UCIT'S - very little fall out from BREXIT


Operations

The Group's income currently accrues at a weighted average rate of approximately 86 basis points of FuM, net of third party commissions. "Fixed" costs for the quarter were c£0.9 million per month, and accordingly the current run-rate for operating profit, before profit-share of 30%, is approximately £1.4 million per month based upon current FuM and a US$/£ exchange rate of US$1.3 to £1 as at 30th September 2016. With sterling falling significantly against the dollar in recent days, using a rate of 1.24 would result in an operating profit run-rate of c£1.5 million per month.

Although the operating profit run-rate is greatly improved from last year (2015: c£1.0 million per month), the Group is committed to containing costs in order to maximise shareholder returns.

The Group estimates that the post-tax profit for the first three months of the year will be approximately £2.3 million, after an unrealised profit on seed investments of £0.1 million (2015: £1.2 million, after an unrealised loss on seed investments of £0.2 million).

Having provided shareholders with both a template and assumptions via which they can determine their own estimate of CLIG's profitability, shareholders can accordingly adjust their estimates based on subsequent market movements.


Dividends

The final dividend of 16 pence per share, subject to approval at the AGM on 17th October 2016, will be paid on 31st October 2016, bringing the total dividend for the financial year 2015-16 to 24 pence.


Employee Incentive Plan (EIP)

At the forthcoming AGM shareholders will be asked to approve a new Employee Incentive Plan (EIP), the details of which can be found in the June 2016 financial statements. Both clients and shareholders have always considered it important that staff have a material level of share ownership in the business. With the Group's CEO, Barry Olliff's, retirement at the end of 2019, staff ownership is likely to be substantially reduced. The proposed new scheme is intended to broaden the employee share ownership base and invites all staff to sacrifice a part of their bonus in exchange for shares which the company will match. It is proposed that until Barry Olliff's retirement the limit of the staff profit-share pool be increased from 30% of pre-bonus, pre-tax profits to a potential maximum of 35% to cover the cost of the matching shares, subject to at least maintaining the current dividend. Thereafter, the plan will fall within the 30% limit of the profit-share pool. It should be noted that participation in the EIP is voluntary; as such the increase in the profit-share pool is dependent on the level of employee participation.

The Group firmly believes that its revised remuneration policy strikes the right balance for all stakeholders and ultimately that is in the best interest of shareholders.