4 February
2025
CQS Natural Resources Growth
and Income PLC
(the
"Company")
Result of Requisitioned General Meeting
The Board is pleased to announce
that, at the General Meeting of the Company
held on Tuesday, 4 February 2025,
all Requisitioned Resolutions detailed below were defeated on a poll by a
majority of shareholders. Over 59% of the votes cast were against
Saba's Requisitioned Resolutions, representing approximately 40% of the issued share
capital. Total votes cast represented over 68% of the issued share
capital.
Christopher Casey, Chair of CQS
Natural Resources Growth and Income PLC,
commented:
"I am truly pleased to see such a
good turnout from shareholders so that their views on the future of
their investment have been heard. The strong vote against Saba's
proposals speaks loud and clear - the majority of our shareholders
have shown the confidence in the existing Board and have voted to
have them steer the Company in the future.
I would like to point to the outcome
of the votes in which 98.6% of votes cast by non-Saba shareholders
were against the Requisitioned Resolutions and in favour of your
current Board.
Our shareholders have voted to
support the existing objectives of the Company - to provide
shareholders with capital growth and income from a portfolio of
mining and resources stocks - and the board which oversees them.
Since the appointment of our current joint fund managers in October
2015, the Board has overseen the
strong performance they have generated, with a
167% total return in NAV and 220% total return in share
price[1].
Looking to the future, the Board
will continue its efforts to review the options available to us to
preserve and deliver value to all our shareholders. This will be
communicated to the market by June 2025."
|
Resolutions
|
Votes
For
|
Votes for
(Excluding Ordinary Shares voted by Saba)
|
Votes
Against
|
Total
Votes Cast
|
Votes
Withheld
|
|
Number
|
% of
votes cast
|
Number
|
% of
votes cast
|
Number
|
% of
votes cast
|
Number
|
% of
total voting rights
|
Number
|
|
1. To remove Carole Cable as a
director of the Company
|
17,924,572
|
40.88%
|
377,574
|
1.44%
|
25,922,775
|
59.12%
|
43,847,347
|
68.34%
|
26,727
|
|
2. To remove Christopher Casey as a
director of the Company
|
17,920,861
|
40.87%
|
377,574
|
1.44%
|
25,926,486
|
59.13%
|
43,847,347
|
68.34%
|
26,727
|
|
3. To remove Paul Cahill as a
director of the Company
|
17,910,321
|
40.85%
|
377,574
|
1.44%
|
25,932,026
|
59.15%
|
43,842,347
|
68.34%
|
31,727
|
|
4. To remove Louise Hall as a
director of the Company
|
17,941,255
|
40.91%
|
377,574
|
1.44%
|
25,916,092
|
59.09%
|
43,857,347
|
68.36%
|
16,727
|
|
5. To remove Seema Paterson as a
director of the Company
|
17,937,316
|
40.90%
|
377,574
|
1.44%
|
25,920,031
|
59.10%
|
43,857,347
|
68.36%
|
16,727
|
|
6. To appoint Marc Loughlin as a
director of the Company
|
17,948,209
|
40.93%
|
377,574
|
1.44%
|
25,907,027
|
59.07%
|
43,855,236
|
68.36%
|
18,838
|
|
7. To appoint Paul Kazarian as a
director of the Company
|
17,906,937
|
40.84%
|
377,574
|
1.43%
|
25,943,299
|
59.16%
|
43,850,236
|
68.35%
|
23,838
|
Notes:
Any proxy votes which are at the
discretion of the Chair have been included in the "Votes Against"
total. Please note a vote "Withheld" is not a vote in law and is
not counted in the calculation of the proportion of votes "For" and
"Against" a resolution.
As at the date of
the General Meeting, the total number of voting rights in the
Company was 64,157,838.
The Board appointed
Civica Election Services as independent assessor to report on the
poll held at the Requisitioned General Meeting in respect of each
of the Requisitioned Resolutions.
The full text of the Requisitioned
Resolutions can be found in the Notice of General Meeting contained
within the Circular. The Circular is available for viewing at the
National Storage Mechanism and can be located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism,
on the Company's website (https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/)
and microsite (https://cynprotectyourinvestment.com/).
For further information, please
contact:
|
CQS
Natural Resources Growth and Income PLC
Christopher Casey,
Chairman
|
cnr@tavistock.co.uk
(c/o Tavistock
Communications)
|
|
Cavendish, Corporate
Broker
Robert Peel, Andrew Worne, Tunga
Chigovanyika
|
+44 20 7908 6000
|
|
Frostrow Capital LLP, Company
Secretary
Eleanor Cranmer
|
+44 20 3008 4613
cosec@frostrow.com
|
|
Tavistock, Public
Relations
Jos Simson, Gareth Tredway, Tara
Vivian-Neal
|
+44 20 7920 3150
cnr@tavistock.co.uk
|
Capitalised terms not otherwise
defined in this announcement have the meaning given to them in the
Circular published by the Company on 7 January 2025.
This announcement is released by the
Company and the information contained within this announcement is
deemed by the Company to constitute inside information for the
purposes of Article 7 of the UK version of the EU Market Abuse
Regulation (Regulation (EU) No.596/2014) which forms part of UK law
by virtue of the European Union (Withdrawal) Act 2018, as amended.
Upon the publication of this announcement via a Regulatory
Information Service, such information is now considered to be in
the public domain. The person responsible for arranging for the
release of this announcement on behalf of the Company is Frostrow
Capital LLP, the Company Secretary.
Saba Capital Management, L.P.'s
latest publicly disclosed holding (as at 2 January 2025) was 18.6
million Shares, representing 29.07% of the Company's total voting
rights.
