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13 Jul 2018 | 14:12

City of London Group moves to new HQ in related-party transaction

Investment company City of London Group said it had moved into a new office on Friday, while entering into a rental agreement with H Company 3 in a related-party transaction.

The new offices were at 27 Phipp Street, London and the annual rent was £95,000.

The agreement constituted a related party transaction under AIM Rules because chief executive Michael Goldstein and executive director Paul Milner were directors of H Company 3.

'The independent directors of the company, having consulted with Peel Hunt LLP in its capacity as the company's nominated adviser for the purposes of the AIM Rules, consider the terms of the transaction to be fair and reasonable insofar as the company's shareholders are concerned,' the company said.

At 2:12pm: (LON:CIN) City of London Group PLC share price was 0p at 132.5p

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