City of London Investment Group PLC (LSE: CLIG), an active, alpha-driven global asset management group with more than three decades of experience, has disclosed that Martin Garzaron, a person discharging managerial responsibilities (PDMR), received 4,846 Restricted Share Awards under the Group's Employee Incentive Plan (EIP) on 26 October 2026. The award comprises two equal tranches: 2,423 Deferred Shares at £4.825 per share and 2,423 matching Bonus Shares at nil cost. The notification, made under UK Market Abuse Regulation, brings Garzaron's total beneficial interest in CLIG to 43,938 Ordinary Shares, equivalent to approximately 0.1% of the Company's issued share capital.

Key Points

  • City of London Investment Group PLC (CLIG) — listed on the London Stock Exchange
  • PDMR Martin Garzaron awarded 4,846 Restricted Share Awards under the Group's Employee Incentive Plan on 26 October 2026
  • Award split equally between 2,423 Deferred Shares at £4.825 per share and 2,423 matching Bonus Shares at nil cost; aggregate average price £2.4125
  • Investors should watch for any further PDMR share award disclosures and updates to CLIG's EIP activity

Structure of Martin Garzaron's EIP Award at CLIG's Karpus Investment Management Division

The award to Martin Garzaron, who holds the position of Senior Vice President, Growth & Strategic Initiatives at Karpus Investment Management — a division within the CLIG Group — is structured in two equal tranches. The first comprises 2,423 Deferred Shares granted at a price of £4.825 per share, while the second consists of 2,423 matching Bonus Shares granted at nil cost. The aggregated volume across both tranches totals 4,846 Ordinary Shares of £0.01 each (ISIN: GB00B104RS51), with an average blended price of £2.4125, as disclosed in the regulatory notification filed under UK MAR.

Garzaron's Beneficial Shareholding in CLIG Following the October 2026 Grant

Following receipt of the EIP award, the announcement states that Martin Garzaron holds a total beneficial interest of 43,938 Ordinary Shares in City of London Investment Group, representing approximately 0.1% of the Company's issued share capital. The transaction took place outside a trading venue on 26 October 2026, consistent with the nature of an internally administered incentive plan grant. The disclosure was made as an initial notification in accordance with obligations under UK Market Abuse Regulation, underscoring CLIG's commitment to transparent reporting of PDMR transactions.

CLIG's Employee Incentive Plan as a Retention Tool Across Its Global Asset Management Business

City of London Investment Group operates as an active, alpha-driven global asset management group with more than three decades of experience. The EIP serves as a structured mechanism to align senior management interests with those of shareholders by combining deferred and matching share elements. Karpus Investment Management forms part of CLIG's broader operating structure, and awards of this nature to senior figures within that subsidiary reflect the Group's approach to incentivising talent across its international asset management platform. Investors may monitor the frequency and scale of future EIP awards as an indicator of internal retention strategy.