Hardman & Co Research: You're so special!

City of London has announced its trading update for 2Q22. The big news, for most shareholders, will be the announcement of a special dividend of 13.5p per share. While we knew this was a possibility, we did not expect it so soon. The interim dividend has been kept unchanged from the previous year at 11p per share. City of London highlights its strong cash balance of £24.5m as of 31 December 2021, which is well in excess of both its capital and operational needs. The special dividend will cost £6.8m and still the leave the company with a more-than-adequate cash balance.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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