Management Arrangement

RNS Number : 3677S

City Natural Res High Yield Tst PLC

09 September 2010

 



CITY NATURAL RESOURCES HIGH YIELD TRUST

MANAGEMENT ARRANGEMENT

MERFYN ROBERTS JOINS WILL SMITH AS CO-MANAGER

RICHARD LOCKWOOD RETAINS STRATEGIC ROLE

On 14 September 2010 Merfyn Roberts will join Will Smith as co-manager of City Natural Resources High Yield Trust ("City Natural").  Richard Lockwood, who has managed the Trust since 2003, is stepping back from day-to-day management, but remains with the New City Investment Managers ("NCIM") team and will continue to make an important contribution to strategy.

Merfyn Roberts joined the NCIM team in 2006.  He has over 26 years' investment experience, focused on resources and energy, and his career has included Charter Consolidated, Target and Minorco.

Richard Lockwood said: "1st August 2010 marked the seventh anniversary of City Natural's existence as a resource based trust.  It has been both a privilege and a pleasure to manage it during an exciting time, and I would like to thank the Board and Shareholders for their support.  Will Smith and Merfyn Roberts are an integral part of the NCIM team and I am delighted that they are taking over at City Natural.  Continuity will be reinforced by my continuing strategic involvement, and I look forward to supporting Will and Merfyn: we have had a good run, but the commodity story is very far from played out."

Geoff Burns, Chairman of City Natural added: "The Board wants to thank Richard for his vision and for his outstanding contribution to the Trust's fortunes.   City Natural's net asset value has risen from 52.1 pence on 1 August 2003 to 252.2 pence, while at the same time dividend payments have increased in excess of 85 per cent. The Board is pleased to have an experienced and familiar team to take the Trust forward, and that Richard will continue to be involved.

For more information:

Adam D Cooke

Director

0207 201 5368

Martin A Cassels
Company Secretary

0131 718 1075

 

END

 

 

MSCKKFDNNBKDCCK