REG - CQS Natural Res - Publication of Circular and Notice of Meeting

CQS Natural Resources Growth and IncomeAnnouncement

Tue 07:00

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RNS Number : 4096R  CQS Natural Resources Grwth&Inc PLC  03 February 2026

CQS Natural Resources Growth and Income PLC

(the "Company")

LEI: 549300ES8CNIK2CQR054

 

 

3 February 2026

 

Publication of Circular and Notice of General Meeting

to renew Share Issuance Authority

The Board of CQS Natural Resources Growth and Income PLC (the Company)
announces that it has today published a circular (the Circular) which contains
a notice of a general meeting (the General Meeting), at which the Board is
seeking Shareholders' approval to renew certain authorities to support the
Company's continued issuance of Shares to meet investor demand.

The General Meeting will be held at 12 noon on 2 March 2026 at the offices of
Dentons UK and Middle East LLP, One Fleet Place, London, EC4M 7RA.

The Directors believe that the proposed Share issuance authorities:

·      will enable the Company to continue to issue Shares and assist in
managing the premium to Net Asset Value (NAV) at which the Shares trade; and

·      will prevent the build-up of excessive demand for Shares, thereby
reducing the risk of increased volatility in the premium at which the Shares
trade relative to their NAV.

The Directors also believe that growing the size of the Company by issuing
Shares:

·      is expected to improve the liquidity in the Company's Shares;

·      is expected to result in the Company appealing to a broader range
of investors, in particular those for whom the size of a company and the
liquidity in its shares are important considerations in their investment
decisions;

·      increases the NAV per Share; and

·      increases the base over which the Company's costs are spread,
thereby reducing the Company's ongoing charges as a percentage of its NAV.

Notwithstanding the proposal to seek the authority, the Board remains
committed to using share buybacks with the aim of maintaining a single digit
discount to the Company's Net Asset Value per Share in normal market
conditions, reflecting the inherent volatility of the markets in which the
Company invests.

Christopher Casey, Chair of CQS Natural Resources Growth and Income PLC,
commented:

"The strong performance and attractive fundamentals of the Company, coupled
with increased investor demand for exposure to natural resources, has resulted
in the Shares frequently trading at a premium to their NAV in recent months.
The Board believes that this reflects the strong performance of, and positive
sentiment towards, natural resources equities, the Company's favourable
performance relative to its comparator indices and peers over one-, three- and
five-year periods, and the successful completion of the tender offer in 2025.

Increasing the size of the Company in this positive environment is expected to
create further value for all Shareholders by enhancing liquidity, lowering the
ongoing charges ratio and increase its attractiveness to investors that
consider the size of a company important. This also follows the
value-enhancing initiatives put in place by the Board, including a reduction
of investment management fee, and the adoption of an enhanced annual dividend
of circa 8 per cent. of NAV per annum.

Accordingly, the Company has been able to issue Shares on a regular basis at
prices in excess of NAV, thereby generating NAV accretion for existing
Shareholders and enhancing liquidity in the secondary market. Since the 2025
AGM, the Company has issued 1,510,000 Shares from treasury, representing
approximately 43 per cent. of the authority granted at that meeting."

As at 30 January 2026 (the Latest Practicable Date prior to the publication of
this announcement) the Company had the capacity to issue only a further
1,997,877 Shares on a non pre-emptive basis. The Directors believe that this
remaining capacity under the existing Share issuance authority may prove
insufficient to allow them to satisfy demand for Shares during the period up
to the 2026 AGM which is expected to take place in December 2026, if the
demand continues at the rate which has been seen in recent months. The
Directors are therefore seeking new authorities to exercise the Company's
power to issue Shares on a non pre-emptive basis to continue to satisfy any
such demand. These authorities will be valid until the conclusion of the 2026
AGM.

The Board is seeking approval to allow the Company to issue Shares
representing up to 20 per cent. of its current issued share capital (excluding
treasury Shares) without rights of pre-emption. There are two resolutions
being proposed, with each resolution being for up to 10 per cent. and,
therefore, for an aggregate of up to 20 per cent. This approach follows best
practice and allows any Shareholder who may not wish to give approval to an
aggregate limit higher than that recommended by corporate governance
guidelines the ability to approve the first resolution for up to 10 per cent.
and to also consider the second resolution separately for a further 10 per
cent.

A copy of the Circular setting out the full details of the proposals, and
containing notice of the General Meeting, will be published today and will be
available on both the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and the Company's
website at https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc
(https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc) .

Recommendation

The Board considers the passing of the Resolutions to be in the best interests
of the Company and its Shareholders as a whole. Accordingly, the Directors
unanimously recommend that Shareholders vote in favour of the Resolutions, as
the Directors intend to vote in respect of their own shareholdings in the
Company.

 

For further information, please contact:

 

 CQS Natural Resources Growth and Income PLC  cnr@tavistock.co.uk (mailto:cnr@tavistock.co.uk)

 Christopher Casey, Chairman                  (c/o Tavistock Communications)
 Cavendish Capital Markets, Corporate Broker  +44 (0)20 7220 0500

 Robert Peel, Andrew Worne
 Frostrow Capital LLP, Company Secretary      +44 (0)203 709 2408

 Tasmin Arthurton                             cosec@frostrow.com (mailto:cosec@frostrow.com)
 Tavistock, Public Relations                  +44 20 7920 3150

 Jos Simson, Gareth Tredway                   cnr@tavistock.co.uk (mailto:cnr@tavistock.co.uk)

 

Capitalised terms not otherwise defined in this announcement have the meaning
given to them in the Circular published by the Company on 3 February 2026.

 

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