CQS Natural Resources Growth & Income survives tender offer with almost half its shares sold

Up to 8.8 million of shares to be held in treasury

CQS Natural Resources Growth & Income trust (CYN) has tendered 29.3 million of its shares following a 100% tender offer put on by the board.

In a stock exchange notice today (1 July), the latest buyback represents almost 45.7% of the trust's shares in circulation excluding shares held in treasury. CYN's board is looking to keep up to 8.8 million of shares in treasury, while the rest will be cancelled. CQS Natural Resources launches 100% tender offer in 'standstill agreement' with Saba As part of the process, the trust's assets and liabilities will be divided between two pools – a continuing and tender pool – with the assets from the latter to be realised by 30 September. "However, the realisation period will depend o...