City of London announced that George Karpus, a Non Executive Director, has indicated his intention to retire as a Director immediately following the Company's Board meeting on 31 July 2023. Mr. Karpus joined the Board following the Company's merger with Karpus Investment Management in October 2020. It was initially intended for Mr. Karpus's appointment as a non-executive Director to continue until the Company's AGM in 2021, and the Board unanimously approved the extension of his tenure for an additional period to support the integration of the two businesses.

Whilst Mr. Karpus will be stepping down from his Director role, the Company will retain Mr. Karpus as a strategic advisor to the Board. Since joining the Board following completion of the Company's merger with Karpus, the Board has benefitted greatly from his extensive experience of the asset management industry. The Board looks forward to continued engagement with George in his role as strategic advisor to the Board and as a significant shareholder in the Company.