Share Name Share Symbol Market Type Share ISIN Share Description
Cqs Natural Resources Growth And Income Plc LSE:CYN London Ordinary Share GB0000353929 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  1.70 1.82% 95.00 37,879 16:00:06
Bid Price Offer Price High Price Low Price Open Price
92.60 95.00 95.00 94.80 94.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.34 3.35 28.4 64
Last Trade Time Trade Type Trade Size Trade Price Currency
15:01:13 O 3,390 94.30 GBX

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25/7/202007:17City Natural Resources303
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Cqs Natural Resources Gr... Daily Update: Cqs Natural Resources Growth And Income Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CYN. The last closing price for Cqs Natural Resources Gr... was 93.30p.
Cqs Natural Resources Growth And Income Plc has a 4 week average price of 90p and a 12 week average price of 79.30p.
The 1 year high share price is 96.60p while the 1 year low share price is currently 49p.
There are currently 66,882,991 shares in issue and the average daily traded volume is 73,084 shares. The market capitalisation of Cqs Natural Resources Growth And Income Plc is £63,538,841.45.
speedsgh: Proposed name change to CQS Natural Resources Growth & Income plc with effect from 3 April 2018. Half-year Report - HTTPS:// ...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.
jaf111: Yes NAV moving nicely.....up 20p since year end.... Share price has also risen BUT only by around 10p so some catching up to do even before reducing the large discount.
davebowler: Winterfloods; On 13 July we met with Ian Francis, Keith Watson and Rob Crayfourd, the managers of City Natural Resources High Yield (CYN). Background & Performance • Keith Watson and Robert Crayfourd took over responsibility for the fund's equity portfolio following Will Smith's departure from New City / CQS in October last year. Ian Francis, Head of New City, continues to be responsible for the fund's fixed income portfolio. • The fund aims to provide shareholders with capital growth and income, predominantly from a portfolio of mining and resource equities as well as fixed income securities. It pays quarterly dividends, with the dividend in respect of the financial year to 30 June 2015 110% covered by income. CYN's historical dividend yield on the current share price now stands at 5.1%. • In 2011 the fund issued £40m (nominal value) of 3.5% CULS, which mature in 2018 (377.1848p conversion price). These are currently trading at 96p and the fund has bought 5.5m CULS to date. At the end of May these CULS were equivalent to 45% of NAV. However, this is partially offset by cash and treasury holdings and net gearing was equivalent to 18% of NAV. • The fund has a good long‐term track record. Since its inception in August 2003 to May this year it has generated a 201% NAV total return, compared with 149% for its composite benchmark (2/3 Euromoney Global Mining Index and 1/3 Credit Suisse High Yield Index). However, in both absolute and relative terms, performance over recent years has been negatively impacted by the fund's weighting to small and mid‐cap companies. Portfolio & Outlook • At the end of May the fund had total assets of £110m and the portfolio comprised 148 holdings, with the ten largest investments accounting for 33% of its value. The managers consider themselves to have a value bias and they are particularly focused on companies' ability to generate free cash flow, rather than just looking at projects’ cash costs or NPVs. They also noted that the closed‐ended fund structure allowed them to invest in small and mid‐cap companies such as Plant Impact, a UK based AIM listed manufacturer of non‐toxic fertilisers that has a joint‐venture with Bayer. • It was highlighted that the strong performance of commodity stocks so far this year has been driven by large cap companies. However, small and mid‐cap resource companies are still considered to be attractively valued, with many holding assets that the managers believe could be attractive to larger companies that have significantly reduced exploration capex. The managers are reasonably positive on prospects for the resources sector, noting that many metals are still trading below their marginal cost of production. They also highlighted that there had been a number of mine closures in China, including State Owned Enterprises and illegal mines, as a result of environmental concerns. They also believe that demand dynamics in China are not as bad as many people think and noted that, while recent PMI data has been weak, when this is disaggregated, industrial production numbers have actually been reasonably strong. • The managers' positive view on gold is reflected in the fact that gold exposure accounts for 17% of the portfolio, but they stressed that they are not 'gold bugs'. They think that gold should be viewed as a currency and that negative interest rates and global currency wars should therefore continue to be positive for it. They also note that Australian, Canadian, Mexican and Chilean producers will also benefit from weaker currencies. They are relatively positive on prospects for base metals such as Copper and Zinc, which tend to be slightly 'later cycle' and benefit from demand from electrical goods, which should flow through from a recovery in the Chinese house market. They are also relatively positive on Nickel, for which they expect demand to benefit from the improving quality of Chinese steel production. Winterflood View The resources sector has endured a tumultuous period and City Natural Resources' significant exposure to small and mid‐cap companies has been a headwind. Given their inflexibility the timing of the fund's CULS issue was unfortunate and has led to the inefficient position of having to hold cash, in order to reduce gearing. Nevertheless, the fund's dividend yield of 5.1% is attractive and should be well supported by revenue reserves. Furthermore, unlike some of its peers such as BlackRock World Mining* and BlackRock Commodities Income*, it does not make use of option writing to supplement income. This should mean that the fund is well positioned to capture any further recovery in the resources sector. The fund's current discount of 21% also offers some value, albeit its size means that liquidity can be patchy.
danieldruff2: Surely more sensible to use the NAV to work out gearing than whatever the share price happens to be today, in which case it's closer to 50% after some CULS being bought back as well
bonnard: Increased dividend announced today making just over 4% for the year at today's price. The dividend has been increased every year for nine years since inception. Current discount to NAV at 15% Investments in Oil,Palm Oil, Gold, Silver and other commodities. Share price close to 5 year low.
davebowler: City Natural Resources High Yield Trust has announced that for the year ended 30 June 2011 the net asset value total return was 58.8% compared to a total return of 27.1% from the benchmark index. A dividend of 4.22p per share is being paid for the year, an increase of 13.7 per cent. This is the sixth consecutive increase in the annual dividend, with an increase of over 111% since 1 August 2003. The ordinary share price total return since 1 August 2003 has been 577.9%. The Chairman, Geoff Burns commented: "The company's share price total return during the year of 64.4% was rather better than that of its net asset value, reflecting a further narrowing of the discount at which the Company's shares trade from 16.6% to 13.9% during the year."
davebowler: City Natural Resources High Yield Trust - Continuing strong performance PDF download Click for report Edison view; During the past 12 months, City Natural Resources High Yield Trust (CYN) has outperformed its composite benchmark index by 58.4% and 46.6% in terms of share price and NAV total return, respectively. The trust pays quarterly dividends and, for the year ending 30 June 2010, paid a total dividend of 3.71p. This represented a year-on-year increase, in the total annual dividend, of 20.9% and provided CYN with a record of five successive years of dividend growth. CYN's recent interims indicate that, as at 31 December 2010, CYN had revenue reserves of 5.7p per share. As such, both the board and the manager remain confident they can provide double-digit dividend growth over the next two years. The manager remains very bullish on the long-term outlook for the natural resources sector. City Natural Resources High Yield Trust's investment objective is to provide shareholders with capital growth and income from a portfolio of mining and resource equities, resources and industrial fixed interest securities.
davebowler: Chairman's Statement Investment and Share Price Performance At 31 December 2010 your Company's net asset value stood at 394.4 pence, giving a net asset value total return for the six month period under review of 77.0 per cent and a share price total return of 84.8 per cent; the benchmark index returned 34.9 per cent. This means that your Company followed a net asset value total return of 100.0 per cent for the 2009 calendar year with a net asset value total return for the 2010 calendar year of 80.2 per cent. Its share price performance was even stronger, with the 147.6 per cent total return of 2009 being followed by 85.6 per cent in 2010. The share price return reflected a narrowing of the discount at which the Company's shares trade from 31.1 per cent at 31 December 2008 to 15.3 per cent at 31 December 2009 and 12.7 per cent at 31 December 2010. This does not, of course, represent straight line progress, but your Board and Manager have worked work hard to minimise the discount figure over a number of years, and it feels for the first time as though the market is, perhaps, moving to re-rate the Company's shares. Caution must, however, remain the watchword as the stability and reduced volatility that typically mitigate discount levels remain elusive. Too many statistics obscure, but it is worth underlining the fact that your Company's net asset value increased from 52.1 pence on 1 August 2003, the date of its current incarnation, to 394.4 pence at 31 December 2010. Income and Dividends Nor has this capital performance been achieved at the expense of income. For a number of years the portfolio has been managed with income enhancement and a desire to progress the dividend firmly in mind, and the dividends paid in respect of the year to 30 June 2009 were 15.8 per cent higher than those paid in 2008, while the year to 30 June 2010 saw a further 20.8 per cent dividend increase. This represented a fifth successive year of dividend increases. The yield on the Company's shares is 1.2 per cent as I write, and the revenue reserve stands at 5.9 pence per share, up from 5.7 pence per share at 30 June 2010. We are always aware of the importance of income to investors. Two interim dividends of 0.69 pence have been paid in respect of this year, representing an increase of 11.3 per cent on the same period last year, in line with our policy of progressive dividend increases. Investment Strategy and Outlook When I wrote to you a year ago I said that we were slightly sceptical as to whether bank bail outs, low interest rates, quantitative easing and ballooning budget deficits amounted to a programme that would encourage a sustained global recovery, but that we kept faith in the strength of the commodity story over the medium term. I wrote to you again on 1 October 2010, noting that while we were not wholly convinced by the depth of the market rally, we were satisfied that the Company was well positioned to capitalise on the longer term demand for finite natural resources. I am afraid that I can do no better than to express a similarly qualified optimism as we move into a new decade. Markets have been distorted by long-term interest rates which remain low; by government intervention which remains high; and, by levels of sovereign debt that remain excessive. Exchange rates fluctuate wildly, and once again the spectre of inflation stalks the land. Equity markets have weathered these conditions well to date, but we remain on our guard, with gearing at a modest level. While the drivers that have benefited the performance of your Company remain to large extent still in place, namely: emerging markets growth; commodity price rises; mergers and acquisitions; and, sterling weakness, there are signs of overheating and inflation in that main generator of growth - Asia. In the short term if growth were to slacken its pace there, this would be felt in the natural resources arena, so we are not complacent. All of that said, the essentials underlying the commodity story remain a touchstone in the medium and longer term, and your Company is well positioned to take advantage of the demand created by the shift of economic power from the old world to the new, as the former continues to pay for the partying of the last decade, so generously financed by the latter. Manager's Review The last six months have seen the Company's net asset value total return rise by 77.0 per cent and the share price total return by 84.8 per cent. The conditions in most equity markets have been buoyant and the Company's performance has been helped by strong moves in the underlying commodity prices, notably Gold, Uranium and Palm Oil. Continued M&A activity has also been supportive of prices within the resources sector and the portfolio has been helped by the weakness in Sterling, particularly against the Australian and Canadian dollars. The economic backdrop has continued to be mixed with patchy growth in the economies of the Developed nations offset by further growth in the Emerging nations. A lack of resolution to the Sovereign Debt problems and further expansion of the Federal Reserve balance sheet by the implementation of QE2 has further clouded the picture. None of the above factors have been negative for Gold, which hit an all time high during December. The Company's large weighting in the sector was enhanced by the focus on the growth companies, at the expense of the large stocks which generally underperformed during the period. Corporate activity and absence of new supply were consistent themes across many commodity sectors, but never more so than in the Uranium space. The bid for Mantra Resources, which was developing the Mkuju project in Tanzania, by ARMZ Uranium Holdings, a Russian company, being the most significant transaction. The Russians have been the largest source of Uranium supply for the last few years via the HEU agreement and it is noteworthy that this is the second acquisition this year after the earlier purchase of 51 per cent of Uranium One. The uranium price rose from $42 to $66 during the period. The Rare Earth sector has been in the market's spotlight over the period and never did we think that a drunken Chinese fisherman could have such an influence on the Company's performance. The unfortunate mariner's detention by the Japanese authorities and the retaliatory reduction in Rare Earth export quotas by the Chinese led to a scramble to find companies outside of China who were capable of producing these elements that are vital to new technologies. The performances of Lynas Corporation, Great Western Minerals and Neo Material Technologies all reflected the surge in prices of the Rare Earth basket. Looking forward, we are conscious of inflation creeping back, particularly in the prices of food and energy, in developing countries. The housing market continues to be a drag on any revival in the United States, and, elsewhere, political risk would appear to be the dominant theme for at least the first half of the year.
washbrook: March was an extremely good month for the Trust with both the asset value and share price recording significant increases. The gold price edged higher throughout the month, taking the gold related shares with it, but then sentiment was even more positively affected when Newcrest Mining announced a bid for Lihir Gold. The terms were immediately rejected as inadequate and the Trust will hold onto its position for the time being, especially as it is not inconceivable that another bid might materialise. Oil prices were also on the move with the US$80 per barrel level proving of little resistance. While Horizon Oil has been a consistent performer, Nido Petroleum has been somewhat disappointing of late. This might be about to change as oil production from its second project offshore Philippines is due to commence by the end of May. Kairiki, which also has 20% of the same project, should also be a beneficiary. One of the commodities we rarely talk about is rubber, which currently stands at an all time high of just over US$3.50 per kilogramme. This represents an increase of over 75% over the past year. The Trust recently initiated a position in Societe Internationale de Plantations d'Heveas (SIPH) which represents one of the few ways of gaining indirect exposure to the rubber market. It has been gratifying to see the stock move sharply higher in the past six months as the market realises the implications for future earnings. We met the management of Neo Materials during the month and were left in little doubt that the market in the heavy end of the rare earths market remains in short supply. We believe the company is well positioned to take advantage of the situation. At the present time, the natural resources markets could almost be described as being in rampant form which continues to bode well for the Trust.
silverjackass: October was one of the more volatile months of the year with sharp fluctuations recorded across many markets. Wall Street, as measured by the Dow Jones Index, best exemplified the situation with rises or falls of 100 or 200 points almost considered normal. Given that background, natural resources showed surprising resilience although there was an element of profit taking seen in some of the major stocks. The gold price not only managed to consolidate at the US $1000 level but gave every indication that it could well move into a new all time high territory. Gold-sensitive share prices were little changed, which some commentators found surprising, however in local currency terms, the gold price has been largely unchanged. The uranium market received a fillip when the main shaft at Olympic Dam was extensively damaged and BHP declared force majeure on spot deliveries. Somewhat surprisingly, the prices of Extract Resources and Kalahari Minerals fell during the month and in spite of the remarkable results still emanating from the Rossing South project, some profit taking had to be anticipated. There were a number of reports issued during the month outlining the prospects for the rare earths markets. Increasingly the message seems to be that China, appearing to have nearly cornered the world market, is fully aware of the paucity of future supply and will increasingly look to its own usage. This is likely to remain an exciting market and we are very happy with the Trust's holdings in Neo Materials and Lynas Corp. The asset value and share price were little changed month on month, which given the general uncertainty, was no mean performance
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