The Board of City of London Group plc (AIM:CIN) announced the spin-off of Recognise Bank Ltd on December 22, 2022. As per the transaction, distribution ratio shall be 0.284 Recognise Bank Ltd Shares for every 1 ordinary share held by shareholders on the record date. The transaction is subject to approval by shareholders of City of London Group plc.

The transaction has a record date of January 24, 2023 and is expected to close on February 20, 2023. Shore Capital and Corporate Limited acted as financial advisor and Shore Capital Stockbrokers Limited as broker to City of London Group plc.