REG - CQS Natural Res - Result of Requisitioned General Meeting

CQS Natural Resources Growth and IncomeAnnouncement

04/02/2025 14:15

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RNS Number : 8865V  CQS Natural Resources Grwth&Inc PLC  04 February 2025

4 February 2025

 

CQS Natural Resources Growth and Income PLC

(the "Company")

Result of Requisitioned General Meeting

The Board is pleased to announce that, at the General Meeting of the Company
held on Tuesday, 4 February 2025, all Requisitioned Resolutions detailed below
were defeated on a poll by a majority of shareholders. Over 59% of the votes
cast were against Saba's Requisitioned Resolutions, representing approximately
40% of the issued share capital. Total votes cast represented over 68% of the
issued share capital.

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

 

"I am truly pleased to see such a good turnout from shareholders so that their
views on the future of their investment have been heard. The strong vote
against Saba's proposals speaks loud and clear - the majority of our
shareholders have shown the confidence in the existing Board and have voted to
have them steer the Company in the future.

 

I would like to point to the outcome of the votes in which 98.6% of votes cast
by non-Saba shareholders were against the Requisitioned Resolutions and in
favour of your current Board.

 

Our shareholders have voted to support the existing objectives of the Company
- to provide shareholders with capital growth and income from a portfolio of
mining and resources stocks - and the board which oversees them. Since the
appointment of our current joint fund managers in October 2015, the Board has
overseen the strong performance they have generated, with a 167% total return
in NAV and 220% total return in share price 1 .

 

Looking to the future, the Board will continue its efforts to review the
options available to us to preserve and deliver value to all our shareholders.
This will be communicated to the market by June 2025."

 

 Resolutions                                                  Votes                        Votes for (Excluding Ordinary Shares voted by Saba)     Votes Against                Total Votes Cast                      Votes

                                                              For                                                                                                                                                     Withheld
                                                              Number      % of votes cast  Number                      % of votes cast             Number      % of votes cast  Number      % of total voting rights  Number
 1. To remove Carole Cable as a director of the Company       17,924,572  40.88%           377,574                     1.44%                       25,922,775  59.12%           43,847,347  68.34%                    26,727

 2. To remove Christopher Casey as a director of the Company  17,920,861  40.87%           377,574                     1.44%                       25,926,486  59.13%           43,847,347  68.34%                    26,727

 3. To remove Paul Cahill as a director of the Company        17,910,321  40.85%           377,574                     1.44%                       25,932,026  59.15%           43,842,347  68.34%                    31,727

 4. To remove Louise Hall as a director of the Company        17,941,255  40.91%           377,574                     1.44%                       25,916,092  59.09%           43,857,347  68.36%                    16,727

 5. To remove Seema Paterson as a director of the Company     17,937,316  40.90%           377,574                     1.44%                       25,920,031  59.10%           43,857,347  68.36%                    16,727

 6. To appoint Marc Loughlin as a director of the Company     17,948,209  40.93%           377,574                     1.44%                       25,907,027  59.07%           43,855,236  68.36%                    18,838

 7. To appoint Paul Kazarian as a director of the Company     17,906,937  40.84%           377,574                     1.43%                       25,943,299  59.16%           43,850,236  68.35%                    23,838

 

 

Notes:

 

Any proxy votes which are at the discretion of the Chair have been included in
the "Votes Against" total. Please note a vote "Withheld" is not a vote in law
and is not counted in the calculation of the proportion of votes "For" and
"Against" a resolution.

 

As at the date of the General Meeting, the total number of voting rights in
the Company was 64,157,838.

 

The Board appointed Civica Election Services as independent assessor to report
on the poll held at the Requisitioned General Meeting in respect of each of
the Requisitioned Resolutions.

 

The full text of the Requisitioned Resolutions can be found in the Notice of
General Meeting contained within the Circular. The Circular is available for
viewing at the National Storage Mechanism and can be located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) , on the Company's
website (https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/
(https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/) ) and
microsite (https://cynprotectyourinvestment.com/
(https://cynprotectyourinvestment.com/) ).

 

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, Corporate Broker                     +44 20 7908 6000

 Robert Peel, Andrew Worne, Tunga Chigovanyika
 Frostrow Capital LLP, Company Secretary         +44 20 3008 4613

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

 Jos Simson, Gareth Tredway, Tara Vivian-Neal    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 7 January 2025.

 

This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain. The person
responsible for arranging for the release of this announcement on behalf of
the Company is Frostrow Capital LLP, the Company Secretary.

 

Saba Capital Management, L.P.'s latest publicly disclosed holding (as at 2
January 2025) was 18.6 million Shares, representing 29.07% of the Company's
total voting rights.

 1  Source: Bloomberg as at 31 December 2024. Manager inception date: 26
October 2015. Past returns are no guide to future performance.

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