- City of London Investment Management has sent a letter to the board of explaining its intention to oppose the re-election of directors at ICAP's forthcoming annual general meeting.

Clients of City of London Investment Management Limited own 21,970,900 ICAP shares (15.7%).

Its letter says: "There has been no action in response to any of the points that were raised in our letter to you dated 26th August 2015, which set out our concerns regarding ICAP's poor performance and persistently wide discount to NAV. CLIM therefore confirms that it intends to continue voting against the re-election of incumbent directors."

At 9:58am: [LON:CLIG] City of London Investment Group PLC share price was +0.88p at 372.13p

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