New City High Yield Fund Ltd : Issue of Equity

8 APRIL 2014

NEW CITY HIGH YIELD FUND LIMITED
(the "company")

ISSUE OF EQUITY

The Company announces that it has allotted, by way of a tap issue in response to market demand, 2,850,000 new ordinary shares of no par value (the "New Shares") for cash, at a price of 65.00p per share, a premium to the Company's net asset value, under its placement programme.  The New Shares will rank pari passu with the existing ordinary shares and dealings in the New Shares are expected to commence on 11 April 2014.  Following the issue of the New Shares, the Company will have the ability to issue a further 23,393,632 ordinary shares under its placement programme.

Following the issue of the New Shares, the Company's issued share capital will consist of 281,905,541 ordinary shares, none of which are held in treasury.  Accordingly, with effect from 11 April 2014, the total number of voting rights in the Company will be 281,905,541 and that figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure and Transparency Rules.

Enquiries

For further information please contact:

Cantor Fitzgerald
Sue Inglis (Corporate Finance) Andrew Worne / Tom Dixon / Andrew Davey (Sales)	020 7894 8016 020 7894 8529 / 8229 / 8668
New City Investment Managers
Craig Cleland Head of Corporate Development, Investment Trusts	020 7201 5368
R&H Fund Services
Philip Rorke	0131  524 6139

Important Information

Cantor Fitzgerald Europe, which is authorised and regulated in the United Kingdom by the FCA, is acting solely for the Company and for no one else in connection with the Company's placement programme and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cantor Fitzgerald Europe or for providing advice in relation to the placement programme.  Nothing in this paragraph shall serve to exclude or limit any responsibilities that Cantor Fitzgerald Europe may have under FSMA or the regulatory regime established under FSMA.

This announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: New City High Yield Fund Ltd via Globenewswire

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