LONDON - CQS New City High Yield Fund Limited, an investment entity, has announced the issuance of 2.5 million ordinary shares to bolster its share capital. The shares, priced at 51.70 pence each, will be issued for cash on January 6, 2025, as part of the company’s blocklisting facility.
Following the issuance, the fund’s total issued share capital will reach 579,901,858 ordinary shares, with all these shares carrying voting rights. The company clarified that no shares are held in treasury, meaning the total number of voting rights will be equivalent to the number of ordinary shares.
The company has advised its shareholders that the new total of 579,901,858 shares will serve as the denominator for calculations related to the disclosure of changes in share ownership. This is in line with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, which require shareholders to notify the company of significant changes in their shareholding.
This equity issue comes as part of the fund’s strategy to raise capital, which could be used for various purposes such as investing in new opportunities, repaying debt, or other corporate activities. However, the specific use of the proceeds from this share issuance was not detailed in the press release.
Investment management for the fund is handled by Manulife | CQS Investment Management, with Craig Cleland available for enquiries. BNP Paribas (OTC:BNPQY) S.A., Jersey Branch acts as the Company Secretary and Administrator, with Jeremy Hamon as the contact person. Singer Capital Markets LLP is the broker for the fund, and TB Cardew is the advisor for public relations.
The information about this equity issue is based on a press release statement and was disseminated by RNS, the news service of the London Stock Exchange (LON:LSEG). It is important for investors and the market to note such developments, as they can influence the fund’s capital structure and potentially impact shareholder value.
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