Proposed Placing and Public O

RNS Number : 4390V

New City High Yield Fund Limited

02 November 2010

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO
THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN

2 November 2010

new city high yield fund limited

PROPOSED PLACING AND PUBLIC OFFER FOR SUBSCRIPTION
OF NEW ORDINARY SHARES

The Directors are pleased to announce that the Company is intending to seek to raise between £15.0 million and £25.0 million, before expenses, through a placing and offer for subscription of new Ordinary Shares (the "Placing" and the "Public Offer" respectively).  The Placing and Public Offer follow the share issue of equivalent to 9.99 per cent of the Company's then issued share capital in September 2010, which raised £8.6 million from existing and new investors.  The demand for Ordinary Shares in that issue was considerably in excess of the number of Ordinary Shares available.  The Placing and Public Offer will open for applications following publication of a prospectus relating to the Company (the "Prospectus"), which is expected to occur on or around 5 November 2010, and will close at 5.00 p.m. on 16 November 2010. 

The Prospectus will not be posted to Shareholders.  However, the Company has posted a circular to Shareholders today advising them of the proposed Placing and Public Offer and of how they can obtain a copy of the Prospectus once it has been published.  A copy of that circular will be available for inspection at the National Storage Mechanism, which is located at www.hemscott.com/nsm.do.

Enquiries

Chris Whittingslow/Sue Inglis	Canaccord Genuity Limited	020 7050 6528 / 020 7050 6779
Adam Cooke	New City Investment Managers	020 7201 5368

Notes

Canaccord Genuity Limited is acting for New City High Yield Fund Limited and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than New City High Yield Fund Limited for providing the protections afforded to clients of Canaccord Genuity Limited or for providing advice in relation to the matters referred to in this announcement.

Any investment decision regarding the Placing and/or Public Offer should be made only on the basis of the Prospectus. 

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase, any shares offered by the Company.  Any decision to apply for new Ordinary Shares pursuant to the Placing or Public Offer should be made only on the basis of the information contained in the Prospectus.

 

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