Retirement of Chairman and Appointment of New D...

City Merchants High Yield Trust Ltd

HEADLINE:     Retirement of Chairman and Appointment of New Director

As set out in his Chairman’s statement in the Annual Financial Report, after serving as Chairman of City Merchants High Yield Trust Ltd (‘the Company’) and its predecessor for over a decade, Clive Nicholson expressed his intention to retire from the Board once his successor had been appointed.    

The Board of the Company is pleased to announce its intention to appoint Mr Tim Scholefield as a non-executive director of the Company at the conclusion of the Annual General Meeting on 15 June 2017 or as soon thereafter as the necessary regulatory clearance has been received from the Jersey Financial Services Commission.  It is intended that Mr Scholefield become Chairman upon his appointment as a director, and Mr Nicholson’s retirement will take effect on the same date.

A further announcement will be made to confirm these Board changes. 

Mr Scholefield was Head of Equities at Baring Asset Management until 2014. He has since developed a small portfolio of non-executive directorships including F&C Capital and Income Trust plc, Fidelity Asian Values Plc and Standard Life UK Smaller Companies Plc and is an external member of the General Medical Council’s Investment Committee.

Mr Scholefield does not currently hold any of the Company’s ordinary shares. 

There is no information to disclose in respect of paragraphs 9.6.13(2) to 9.6.13(6) of the Financial Conduct Authority’s Listing Rules.

R&H Fund Services (Jersey) Limited

16 May 2017