Share Name Share Symbol Market Type Share ISIN Share Description
City Natural Res High Yield Tst LSE:CYN London Ordinary Share GB0000353929 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.50p +1.49% 102.50p 101.00p 104.00p - - - 38,167 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 3.8 5.1 20.2 68.56

City Natural Res High Yield Share Discussion Threads

Showing 676 to 699 of 700 messages
Chat Pages: 28  27  26  25  24  23  22  21  20  19  18  17  Older
DateSubjectAuthorDiscuss
27/7/2018
06:41
Ha ha @kenmitch - have held mine ages too - at least we've had the divi! CYN have always suffered for having to have so much in Treasuries, high-yield bonds etc - ie cash liquidity to avoid breaching gearing limit and to have money by for the CULS (which I also hold). Hardly "natural resources". When those days are behind them, will they trade at BRWM's level (a few % tighter) or BRCI's (occasionally even at par)?
spectoacc
26/7/2018
16:49
Seems we're keen on the same type of shares SpectoAcc. Have held CYN for around 3 years. Did very well from the lows but very disappointing since and consistent wide discount to NAV. It could well be wishful thinking hoping discount will narrow once CULS repaid but good to be proved wrong.
kenmitch
26/7/2018
16:15
XD today. Wondering what, if anything, will happen to the discount once the CULS are repaid & a revolving credit facility replaces them. Ought to be more geared to the market (rather than fixed interest) & so trade at a smaller discount, but may be wishful thinking.
spectoacc
12/3/2018
10:08
Missed that, thanks - will have to think through the implications but seems generally positive, eg divi etc. The CULS have been an albatross for some time, & CYN have been very lucky that where they chose to park a good chunk of the cash - UK Treasuries - have done great in recent years. Actually have more CULS than I do CYN, so looking forward to the cash to spend too :)
spectoacc
12/3/2018
10:02
Proposed name change to CQS Natural Resources Growth & Income plc with effect from 3 April 2018. Half-year Report - HTTPS://www.investegate.co.uk/city-natural-res-hgh--cyn-/rns/half-year-report/201803120700033181H/ ...The CULS will be repaid on 30 September 2018. Ahead of this, the Board, with the assistance of its advisers, has undertaken an extensive strategic review of all aspects of your Company. This has included reviewing the Company's performance, investment objective and policy, dividend policy, corporate and capital structure, share price discount, shareholder base and management arrangements, as well as the outlook for the markets in which the Company invests, and generally considering whether the Company's mandate continues to be relevant to investors. The key conclusions from this review are: · The Company's closed-end structure is well suited to its listed small and mid-cap focus, and the Company is uniquely placed in being the only closed-end or open-ended fund offering a diversified exposure to this section of the market. The Board believes that small and mid-cap companies will offer some of the most attractive investment opportunities for capital growth as commodity markets continue to recover. · The Company's shareholder base has changed significantly over recent years, with private investors now owning in excess of 50 per cent of the shares in issue. Much of this change has been driven by decreasing appetite amongst institutional investors and wealth managers for closed-end funds, especially smaller ones. The Board is encouraged by the take up of shares by private individuals and believes that this demonstrates the continuing attraction of the Company's current mandate. The Board is not proposing any material changes to the Company's investment objective or policy. · The Investment Manager should be focused on maximising the net asset value total return to shareholders without being constrained by the objective of generating sufficient revenues to cover dividend payments. The Board believes, however, that the level of dividends paid by the Company has been a key feature in the Company's growing appeal to private investors. · In order to meet these twin objectives of maximising the net asset value total return and at least maintaining the level of dividend payments, the Board intends to take advantage of another of the benefits of the Company's closed-ended structure, being the ability to pay dividends out of certain capital reserves, which shareholders approved at the Company's annual general meeting in 2012. Accordingly, following the repayment of the CULS, the Board intends to use capital reserves, when required, to maintain or, potentially, increase the dividend level. · Where necessary, paying dividends out of capital reserves has two key benefits: § It provides the Board with greater confidence to predict future dividends. The Board intends to use the increased predictability to announce an annual dividend target at the beginning of each financial year and to rebalance the dividends so that each of the first three quarterly dividends represents 22.5 per cent of the target. For the current financial year, the Company is targeting a maintained aggregate dividend of 5.6 pence, but intends to rebalance the third and fourth dividend payments to 1.26 pence and 2.62 pence. § The Investment Manager will be able to allocate, without revenue constraints, the portfolio to commodity equities and high yielding securities according to the medium to long term market outlook for commodity markets with the objective of maximising the net asset value total return for shareholders. · Following preliminary discussions with a number of banks, the Board is confident that, in current market conditions, the Company will be able to obtain a multicurrency revolving credit facility on attractive terms, which, in conjunction with the Company's cash resources, will be sufficient to fund the repayment of the CULS. Relative to the CULS, the benefits of a revolving credit facility include flexibility to draw down and repay during the life of the facility according to market conditions and lower fixed costs, which, in turn, should increase the revenue available for distribution as dividends. · The Board has decided to change the Company's name to CQS Natural Resources Growth and Income plc with effect from 3 April 2018. The Board believes the new name better represents the Company's investment objective and that there will be marketing benefits in adopting the Investment Manager's CQS brand.
speedsgh
15/2/2018
17:00
@spectoAcc - Thannks for the feedback
speedsgh
15/2/2018
16:05
@speedsgh - double-check anything I say as am going from memory, but basically the CULS have caused CYN to hold a large proportion of NAV in fixed interest - so loads of GILTs etc, not what you'd expect for a resources IT. Presumably on redemption (Oct 2018 I think?) CYN dump all their fixed interest holdings & repay the CULS at par, though equally I think they'll try to roll them over and see how many takers they get - it could be a sub-size IT without the gearing of the CULS. On the way down it helped CYN a bit, but in the massive commodities bounce they've been held back by being in fixed interest. But can see why they felt it necessary to keep so much liquidity, with the CULS outstanding. (To show just how far things fell - the "C" in the CULS is at £3-something a share). So - I think they're cheap, but in danger of being too small depending on what happens with the CULS & whether they achieve any sort of rollover. (Re the divi - I guess the fixed interest income has been small and stable, so they haven't been able to make up the income elsewhere).
spectoacc
15/2/2018
12:42
Hi SpectoAcc - I have only just started looking at CYN. It seems to have had a sizeable and enduring discount to NAV? I note your point re 2019 CYNC redemption. Can you give me some pointers re this? First I've heard of it (am yet to wade through the 2017 Annual Report). Also note that the dividend has been stuck at 5.60p since FY 2013/14 so I need to get to grips with their dividend policy and the future outlook for payments. TIA
speedsgh
28/9/2017
08:16
Tracker would be better & cheaper. However - tracker doesn't come at a c.17% discount, and I suspect/hope that'll change when CYNC redeems next year.
spectoacc
28/9/2017
07:49
Muted results
erogenous jones
03/5/2017
17:18
come to daddy.....
neilyb675
03/5/2017
16:54
Further weakness... I think Neily might get his 90p? under 100p wouldn't surprise me.
chillwill
22/3/2017
12:18
Taking a bit of a dive. Tempting at this price, but going to wait and see if the markets are letting off a bit more steam before picking any up. Either way, the current share price will no doubt prove cheap over medium-long term.
chillwill
22/3/2017
08:25
156p NAV for day before yesterday, say -3p makes 153p, traded AT 113.5p this morning, pretty much back at a 25% discount. Bought more, have no doubt it'll be too soon but the share price sell-off been much more severe than the NAV drop.
spectoacc
24/2/2017
14:42
NAV dropped off quite a bit; one of the holdings must have taken a dive? Only holding 'free' shares here, but will add more on weakness (sold my last shares too early, but never mind).
chillwill
24/2/2017
12:09
now only offered 133 for 20k worth so brokers taking the biscuit.
nimbo1
24/2/2017
12:08
I sold off 50% first thing - seems a few more have the same idea. still holding half - but was wondering about the rest. Its been a good 12 months here.
nimbo1
24/2/2017
09:12
Got to be a sell tip somewhere I reckon.
spectoacc
24/2/2017
09:03
Someone sold 23.4k at 138.92p, well under the bid, seems to have knocked it (though plenty of small sells prior to that too). NAV still £1.66 as of yesterday.
spectoacc
15/2/2017
13:31
£1.71 NAV.
spectoacc
25/1/2017
19:39
Speaking of dividends... 0.86p ex-div tomorrow
chillwill
25/1/2017
13:34
"The past is a foreign country; they do things differently there." Only silly people look more than a year ago when it comes to performance... ooops, sorry, I am one of them too! I do not hold CYN, just keeping an eye on it, but hold some similar high-performance-over-the-past-year stocks that do not look as good over five or ten years. To soothe the pain, I tell myself that I collected the dividends at least.
vacendak
25/1/2017
09:22
Who knows if we will get back to the dizzy highs. But look at the 5 year chart. hTTp://uk.advfn.com/cmn/chrt/chrt_wrap.php?epic=LSE%3ACYN&name=&type=1&sprd=0&size=2&period=9&freq=1&date1_day=27&date1_month=10&date1_year=1986&date2_day=25&date2_month=01&;date2_year=2017&;ind_type1=0&ind1_1=&ind2_1=&;ind_type2=0&ind1_2=&ind2_2=&;ind_type3=0&ind1_3=&ind2_3=
mbu69
24/1/2017
23:08
166p NAV. Mining index pushing to new highs (recently speaking). Just holding free shares now as sold the rest (which I'll no doubt regret).
chillwill
Chat Pages: 28  27  26  25  24  23  22  21  20  19  18  17  Older
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