10th Sep 2021 13:56
City of London Group PLC - asset manager specialising in UK SME market and home reversion - Says consolidated net asset value per share 49 pence at March 31 year end, compared to 60p in financial 2020. Pretax loss widens to GBP12.6 million from GBP9.7 million. Pumps funds raised in period into new UK SME bank, Recognise Bank Ltd, including GBP11.4 million share subscription and up to GBP6.9 million open offer in August - two major shareholders supporting the next stage of development by investing a further GBP11.4 million, says investor.
Chief Executive Michael Goldstein says: "The group has made considerable progress in implementing its long-term strategy over the last 18 months. The process of re-focusing the group's business on banking activities is largely complete with Recognise Bank poised to become a deposit taking bank. The support offered by two of the company's major shareholders through the recently- announced capital raise is a sign of continuing confidence from our shareholder base in our strategy, and the opportunity that exists within the SME banking space."
Current stock price: 70.00 pence
Year-to-date change: down 17%
By Josie O'Brien; [email protected]
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