Potential cures for the passive dilemma
Maven Capital diversifies with move for FTIM
Trusts Trumpet Dividend Growth Record
UK wealth managers must embrace consolidation challenge
Philip Graves on The Five Best Stocks Since 1994
Shareholders play the waiting game over dividend payments
Distress over Dividend Delays
Dividend canaries that warn of a cut
Key questions to help you pick a fund
Calmness Pervades UK Markets
Robert Davies on IFA fees
Q & A with Robert Davies - The Stewardship Code
In Conversation - Rob Davies - see page 9
The importance of time and patience
Laxey walks away from two-year Alliance fight
Munro Fund calls for vote against Barclays bonuses
Robert Davies - Get active in your search for a passive fund
Why ETFs are not low cost option many believe
How to load the stock market dice in your favour
Robert Davies on "The Right weight for Glencore"
When platforms offer only a restricted view -
Munro Fund celebrates three-year anniversary by topping £2m mark.
Rob Davies' Munro Musings on Page 26
Comment by Rob Davies on Page 34 regarding Stamp Duty distorting investment decisions
Concerns on high fees.
Perceived Wisdom - Star-crossed love?
Comment on last page by Rob Davies regarding dividend weighted funds.
Simple Strategies for Better Results.
Munro Fund aims to track FTSE 350.
Page 19 - Regulators make investing riskier.
Funds pursue two different tracks as oil spill crisis sends BP shares downhill - Robert Davies on Fundamentals.
Rob Davies - If you are so smart why are you trying to beat the market?
David Stevenson - a dogged and contrary approach.
Rob Davies on Agents versus Principals - go to page 27
Kevin Goldstein-Jackson: Looking on the fright side
Two Funds for your SIPP
Better value for my pension cash
The difference between buying shares and funds
Arguing the case for the tracker
More proof that trackers are better
Real Fortune Telling - Dividend Forecast Indexing
Time will tell
Not a mission impossible
Fund managers don't always practice what they preach
More from Rob Davies on Fundamentals
Rob Davies on Fundamentals
Active vs Passive Debate
City of London Group ups stake to 85% in Glasgow Fund Manager
Rob Davies writes on trackers
Upbeat comment on Munro Fund performance in penultimate paragraph
A Seasonal Comment on Index Trackers
UK Bank Dividend Suspensions
The Munro Fund in Focus
FTIM merger talks
City of London Group AGM
Wire: Hugin Onlin (HUG) Date: 2008-08-21 11:21:27 City of London Group PLC: AGM Statement 2008
COLG CHAIRMAN AND DEPUTY CHAIRMAN STAND DOWN TO FACILITATE SEARCH FOR NEW CEO
David Walton Masters Becomes Executive Chairman During Transitional Phase
City of London Group founder and executive chairman John Greenhalgh, and deputy chairman Peter Doye, have decided to step down after 20 years as executive directors in order to facilitate the search for a new chief executive to run the investment and financial services group. Mr. Greenhalgh has agreed to serve COLG as a non-executive director. Mr. Doye retires from the Board but will continue in a transitional executive role.
Following discussions with major shareholders Mr. Greenhalgh, who holds 20p.c. of the equity in COLG, said: "After careful thought and wishing to be helpful, Peter and I accepted the point made that we, the old guard, might possibly impede the search for a new chief executive. Our decision now makes it easier and more attractive for a new incumbent to move the company forward. It is also a good time in our lives, with both of us in our 70s and still with plenty of energy, to take partial retirement.
"The company changed direction to the financial services field last December following disposal of the public relations division. We have served the group in its listed form since 1988. It is in very good shape with cash and assets of around £7.5m and may be seen as an attractive main market shell. In these times of immensely tricky stock markets there are perhaps more snakes than ladders to be encountered, but there is also outstanding opportunity for the right business leaders over the next several years. Bearing this in mind it is a good time to pass the baton and accelerate the group's progress. We will both continue to assist the company during the hand over period".
Mr. David Walton Masters, who has wide international fund management experience, becomes executive chairman of the company during the transitional phase as the search for a new chief executive is conducted.
City of London Group NAV per share at 31st July, 2008 was 74.6p (81.2p at 30th March, 2008).
COLG announces that its 100p.c. owned City of London Financial Services has entered merger discussions with Glasgow-based Fundamental Tracker Investment Management Limited (FTIM Limited) , which has launched a low-cost fund based on the FTSE 350 companies and in which COLG already has a 49.9p.c. shareholding. A merger, with COLG holding a controlling interest, would be subject to FSA approval.
John Greenhalgh Chairman City of London Tel: 020-7628-5518 Group Plc.
David Walton Chairman-Elect City of London Tel: 020-7628-5518 Masters Group Plc
---END OF MESSAGE--- Copyright © Hugin AS 2008. All rights reserved. -0- Aug/21/2008 11:21 GMT
Fundamental Tracker Investment Management Ltd was Highly Commended at the Dunbartonshire Business Excellence Awards 2008 in the category *Potential for Business Growth by Most Entrepreneurial Young Company.