Reserves boost City of London IT dividend

Reserves were used to increase the dividend paid to shareholders by the City of London Investment Trust, managed by Hendersons. A fourth interim dividend of 2.00p was paid on 31 August 2002, making a total net dividend for the year of 7.94p, up 5.9% on the previous year. Some £0.95m was taken from the trust's £12.27m reserve to supplement the income received, which fell by £830,000 on the same period the previous year. A statement from the trust in its unaudited accounts to 30 June said: 'Going forward, your board is aware that many shareholders rely upon annual dividend growth and will con...