REG - CQS Natural Res - Withdrawal of Second General Meeting Requisition

CQS Natural Resources Growth and IncomeAnnouncement

03/03/2025 14:46

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RNS Number : 1457Z  CQS Natural Resources Grwth&Inc PLC  03 March 2025

3 March 2025

 

CQS Natural Resources Growth and Income PLC

(the "Company")

 

Withdrawal of Second General Meeting Requisition

 from Saba Capital Management, L.P.

 

On 12 February 2025, the Company announced the receipt of a requisition served
on behalf of Saba Capital Management L.P. ("Saba") for a second general
meeting of shareholders. Since then, the Board has engaged in a series of very
constructive discussions with Saba, who have agreed to withdraw the
requisition to enable the Board and its advisers to complete the strategic
review that was outlined in the circular to shareholders dated 7 January 2025.
The Board will expedite this review and announce the outcome during April
2025.

Christopher Casey, Chairman, said: "We are pleased to have reached this
constructive way forward with the team at Saba and to focus on achieving an
outcome in the best interests of all shareholders."

As previously stated, your Board and its advisers are currently reviewing the
following options:

·    Maintaining the current investment policy and management
arrangements, given the best practice annual continuation vote, together with
providing liquidity to Shareholders by means of buybacks, tenders and other
similar actions;

·    Introducing an increased dividend, to be funded in part by capital
growth;

·    Pursuing further discount management mechanisms;

·    Providing a full cash exit at NAV for all Shareholders; and

·    If a suitable partner can be identified, to negotiate terms of a
combination with another investment trust or open-ended investment company
that would provide an ongoing investment opportunity with a natural resources
and energy focus, together with the option of a full cash exit at NAV for all
Shareholders.

For enquiries, 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 7908 6000

 Robert Peel, Tunga Chigovanyika, Andrew Worne

 Frostrow Capital LLP, Company Secretary         +44 203 008 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)

 

About CQS Natural Resources Growth and Income PLC (LSE: CYN)

The Company actively invests in global energy and mining companies, with a
focus on total return. It also pays a regular quarterly dividend. The flexible
mandate allows the Company to shift its portfolio weighting between energy and
mining, with the aim of maximising returns depending on the point in the
cycle, whilst providing relative value opportunities.

The closed end structure is well suited to allowing the investment management
team to focus on the best returns profile, rather than liquidity as is the
case with Exchange Traded Funds ("ETFs"). The nature of this focus results in
the Company holding a large proportion of its holdings in names that fall just
below major index or ETF inclusion, adding additional upside potential should
they become included. The portfolio is invested mostly in producers and
developers across the natural resources sector, with strong earnings profiles
and market caps typically in the region of £300m to £2bn, although also
below and above this range.

The majority of holdings are listed in North America, Australia and/or
the UK.

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