Result of Second EGM

RNS Number:4135S
New City High Yield Trust PLC
06 March 2007

  This announcement is not for release, publication or distribution in or into
   Australia, Canada, Japan, New Zealand, the Republic of South Africa or the
                                 United States

                                  6 March 2007

                  NEW CITY HIGH YIELD TRUST PLC (THE "COMPANY")
                      (in members' voluntary liquidation)

                           RECOMMENDED PROPOSALS FOR 
                    THE VOLUNTARY WINDING UP OF THE COMPANY 
                  AND THE ROLLOVER OF SHAREHOLDERS' INTERESTS 
                INTO NEW CITY HIGH YIELD FUND LIMITED ("NCHYF")

                             RESULT OF SECOND EGM


The Board announces that the resolutions proposed at the Second Extraordinary
General Meeting held at 10.30 a.m. today were duly passed.  These resolutions
were (i) to wind up the Company voluntarily and to appoint the Liquidators and
(ii) to authorise the Liquidators to exercise certain powers for which the
express sanction of Shareholders is required under the Insolvency Act 1986.

The Scheme is now unconditional.  NCHYF is therefore issuing (under the terms of
its prospectus dated 2 February 2007) 99,022,414 ordinary shares of no par value
to Shareholders on the Register at 6.00 p.m. on 5 March 2007 on the basis of one
NCHYF Share for every Ordinary Share then held.  It is expected that admission
of the those NCHYF Shares to the Official List of the UK Listing Authority will
become effective, and dealings on the London Stock Exchange's Main Market will
commence, at 8.00 a.m. on 7 March 2007.

Those Shareholders who held their Ordinary Shares in certificated form at the
Scheme Record Date will receive their NCHYF Shares in certificated form.  It is
expected that certificates in respect of such NCHYF Shares will be despatched by
post to such Shareholders by 16 March 2007.

Shareholders who held their Ordinary Shares in uncertificated form at the Scheme
Record Date will receive their NCHYF Shares in uncertificated form.  NCHYF will
procure that CRESTCo is instructed, on the date on which Admission becomes
effective (expected to be 7 March 2006), to credit the appropriate stock
accounts in CREST of the Shareholders concerned with their respective
entitlements to NCHYF Shares in uncertificated form.

Copies of the resolutions passed at the Second EGM will be delivered to the UK
Listing Authority shortly and will then be available for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: [phone]

Enquiries
Sue Inglis/Darren Willis Intelli Corporate Finance Limited    Tel: [phone]
Adam Cooke               New City Investment Managers Limited Tel: [phone]

Notes

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting solely for New
City High Yield Trust PLC and New City High Yield Fund Limited and for no one
else in connection with the Proposals and will not be responsible to anyone
other than New City High Yield Trust PLC and New City High Yield Fund Limited
for providing the protections afforded to clients of Intelli Corporate Finance
Limited or for affording advice in relation to the Proposals or any other matter
referred to in this announcement.

This announcement does not constitute an offer to acquire, issue or sell or a
solicitation of an offer to buy or sell any securities.

Unless the context otherwise requires, terms used in this announcement shall
bear the meanings given to them in the circular to the Company's shareholders
dated 2 February 2006.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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