UPDATE 1-City of London Group's H1 NAV rises; outlook cautious

Wed Nov 11, 2009 2:24pm GMT
 
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* Says not resuming interim dividend for now

* Still in offer talks

* Appoints new CEO

* H1 NAV 79.4 pence/shr versus 63.9 pence/shr

* H1 pretax profit 24,000 pounds vs 22,000 pounds (Adds details)

Nov 11 (Reuters) - Investment firm City of London Group Plc (CITY.L) reported a 24.3 percent rise in first-half net asset value per share, but remained cautious about its outlook and said it would not resume interim dividend.

The company, which is still in offer talks, appointed Eric Anstee as its new chief executive.

In the six months ended Sept. 30, City of London Group's net asset value rose to 79.4 pence per share from 63.9 pence.

Pretax profit came in at 240,000 pounds ($402,300), compared with 22,000 pounds in the year-ago period.

Shares of the company were flat at 54.9 pence at 1421 GMT on Wednesday on the London Stock Exchange. ($1=.5965 Pound) (Reporting by Aditi Samajpati in Bangalore; Editing by Vinu Pilakkott)

 

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