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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