City of London fixes Main Market date

1st Oct 2010 11:53

Asset manager City of London Investment Group has fixed the timing of its switch from AIM to the Main Market.City of London will make the move on 29 October. City of London first mooted a move in September 2008 but it was delayed by the global economic turmoil. Shareholders have already voted in favour of the proposed move.City of London joined AIM on 12 April 2006 at 180p each and the current share price is nearly double that. Shareholders have also received growing dividends - the total dividend for the year to May 2010 was increased from 15p to 22p a share.Funds under management were $5.4bn at the end of September, up from $4.38m at the end of May 2010. At the time of the full year figures on 13 September, chief executive Barry Oliff reiterated his intention to sell 375,000 shares at 310p a share, 500,000 at 350p a share and 500,000 at 400p a share. A share price fall meant that he had not been able to do this when he originally announced his intentions. The day after the figures, Oliff did sell the 375,000 shares at 310p each. He has subsequently sold 500,000 shares at 350p each, thereby reducing his stake to 16.38%.