RCS - CQS Natural Res - Flash note from QuotedData
13/01/2025 11:34
For best results when printing this announcement, please click on link below: https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250113:nRSM1058Ta&default-theme=true RNS Number : 1058T CQS Natural Resources Grwth&Inc PLC 13 January 2025 CQS Natural Resources Growth and Income - Flash note from QuotedData 13(th) January 2025 Protect your investment - get out and vote On 18 December 2024, CQS Natural Resources Growth and Income (CYN) received a requisition notice from a nominee of Saba Capital Management LP (Saba) requiring it to convene a general meeting for shareholders to consider resolutions proposed by Saba to remove the existing completely-independent board of non-executive directors and replace it with two directors of Saba's choosing. On 7 January 2025, CYN's board issued a comprehensive rebuttal of Saba's proposals when it published a circular (a formal document sent to shareholders) in relation to the requisitioned meeting - it describes Saba's proposals as "self-interested and misleading." The board's position is very clear - it is unanimous in recommending shareholders vote against Saba's resolutions. From the outset, we have cautioned shareholders against giving full control of the trust to one dominant shareholder that would be free to act entirely in its own interests. Saba has made clear its intention to get itself appointed as manager and merge the seven targets into one large vehicle with a mandate to attack other investment companies. The FCA's (Financial Conduct Authority) Listing Rules make it clear that the board of directors of an investment company must be able to act independently of any investment manager. We are not comfortable that Saba's proposals meet this requirement. With so much at stake, we thought we should take a deeper look at Saba's proposals and CYN's board's response to these, to see what the merits are. Our conclusion is that Saba's plans for CYN are so poor for all shareholders other than itself that its proposals deserve to be voted down comprehensively. We urge all shareholders: protect your investment and get out and vote. Full Research: https://quoteddata.com/research/cqs-natural-resources-growth-and-income-protect-your-investment-get-out-and-vote-qd/ (https://quoteddata.com/research/cqs-natural-resources-growth-and-income-protect-your-investment-get-out-and-vote-qd/) This research is also available free on our website www.quoteddata.com (http://www.quoteddata.com) where you will also find news, performance data and factsheets on every London listed Investment Company. QuotedData writes and distributes research on a number of quoted companies, facilitates meetings between those companies and existing and potential investors and assists in raising additional capital where required. NB: Marten & Co was paid to produce this note CQS Natural Resources Growth and Income Plc, and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority. QUOTEDDATA 50 Gresham Street | London EC2V 7AY Tel: +44 (0) 20 3691 9430 www.quoteddata.com (http://www.quoteddata.com) | research@quoteddata.com (mailto:research@quoteddata.com) | www.martenandco.com (http://www.martenandco.com) This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END NRAUOOARVAUAAAR