CULS Conversion Price and Placing and Open Offer

RNS Number : 6658O

City Natural Res High Yield Tst PLC

21 September 2011

 



Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia, Japan, New Zealand or the Republic of South Africa or any other jurisdiction in which the same would be unlawful

21 SEPTEMBER 2011

city natural resources high yield trust plc
(the "company")

Results of the CULS Conversion Price and Placing and Open Offer

The Conversion Price of the CULS issued by the Company pursuant to the Issue will be 377.1848p nominal of 3.5 per cent. convertible unsecured loan stock 2018 for one Ordinary Share.  This equals a 10 per cent. premium to the unaudited NAV per Ordinary Share (including income) of 342.8953p at close of business on Tuesday, 20 September 2011 and is in accordance with the terms of the Issue.

Valid applications under the Open Offer (including the Excess Application Facility) have been received for approximately £5.3 million nominal of CULS and are expected to be satisfied in full.  Accordingly, Placing commitments will be subject to scaling back.  The Board confirms that, as £40 million of CULS represents less than 20 per cent. of Shareholders' funds at the Calculation Date, the overall size of the Issue will not be scaled back and, therefore, that £40 million of CULS will be issued pursuant to the Issue.

The issue of the CULS is subject to shareholder approval which is being sought at the general meeting of the Company to be held on Friday, 23 September 2011.  Subject to such approval being obtained, it is expected that dealings in the CULS will commence at 8.00 a.m. on Monday, 26 September 2011.

Enquiries

Chris Whittingslow/ Sue Inglis	Canaccord Genuity Limited	020 7050 6528/ 020 7050 6779
Adam Cooke	CQS Asset Management Limited	020 7201 5368

Notes

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the FSA, is acting solely for the Company and for no one else in connection with the Issue and Admission and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Canaccord Genuity or for affording advice in relation to the Issue, Admission or any other matter referred to in this announcement or the prospectus prepared by the Company in accordance with the Prospectus Rules in connection with the Issue and dated 31 August 2011 (the "Prospectus"). 

Words and expressions defined in the Prospectus have the same meanings when used in this announcement.

 

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