THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

CQS Natural Resources Growth and Income PLC
(the "Company")
LEI: 549300ES8CNIK2CQR054

27 May 2026

Change of Investment Management Arrangements

Highlights

·    Heads of terms agreed to appoint Tufton Investment Management Ltd as investment manager from 14 September 2026

·    Keith Watson and Robert Crayfourd to resume as the Company's portfolio managers at that time

·    CQS will remain as investment manager in the interim, with Diana Racanelli and Craig Bethune as interim portfolio managers

·    Provides continuity for shareholders with known portfolio managers with a strong track record of performance

·    No change to the Company's strategy or risk profile: the Company will continue to pursue its established investment approach with a primary focus on long-term capital growth and the payment of an enhanced dividend yield of 8% of NAV per annum, funded from capital reserves as required

Christopher Casey, Chairman of CQS Natural Resources Growth and Income PLC, commented: 

"Following the announced departure of our named portfolio managers, the Board undertook a thorough review of options available to us to ensure we had the best possible investment management group to support the future success of the Company. The combination of appointing Tufton as investment manager and the continued involvement of Keith Watson and Robert Crayfourd ensures continuity for the portfolio and preserves the Company's established investment strategy. Keith and Robert have an enviable track record of performance and we look forward to continuing to work with them to create further value for shareholders."

Background

On 9 March 2026, the Company announced that it had been informed that its named portfolio managers, Keith Watson and Robert Crayfourd, had tendered their resignations to the Company's investment manager, CQS (UK) LLP, (trading as Manulife | CQS Investment Management) ("CQS").

On 25 March 2026, Tufton Investment Management Ltd ("Tufton") announced that Keith and Robert would be joining as employees as soon as their contractual arrangements allowed them to do so.

Since the resignations, the Company has been considering the options available to it to move forward in the best interests of shareholders. These options included remaining with CQS or appointing a new investment manager so the Board conducted a search of possible investment management groups with expertise and a proven track record of performance in the natural resources sector.

The Board engaged in a number of discussions with investment management firms (including but not exclusively, CQS and Tufton), conducted the necessary due diligence and took into account the learnings and results of its wide ranging strategic review in 2025. The Board concluded that the appointment of Tufton as investment manager, and the ongoing stewardship of the portfolio by Keith and Robert, are in the best interests of shareholders.

The Company has entered into heads of terms with Tufton and is engaged in finalising the details of a new investment management agreement (the "New IMA"). It is expected that the New IMA will become effective, and that the existing IMA with CQS will terminate, on or around 14 September 2026 (the "Commencement Date") with Keith and Robert acting as the Company's portfolio managers.

Heads of terms

Tufton will be appointed as alternative investment fund manager (AIFM) with effect from the Commencement Date. The Company shall pay Tufton as remuneration for the services performed under the New IMA an annual management fee of 1 per cent. per annum of the net asset value of the Company, calculated monthly and payable monthly in arrears. This is in line with the reduced fee introduced in 2025.

The New IMA shall be terminable during the 12 months following the Commencement Date (the "Initial Period") by the Company serving three months' notice to Tufton (which for the avoidance of doubt may expire after the Initial Period) and Tufton serving six months' notice to the Company.

After the Initial Period, the New IMA shall be terminable by either party serving six months' notice to the other.

Frostrow Capital LLP will remain in their position as company secretary and administrator.

Interim arrangements

Effective from 18 May 2026 two senior Manulife Investment Management Group portfolio managers, Diana Racanelli and Craig Bethune, have assumed responsibility for the management of the portfolio. Keith Watson and Robert Crayfourd may provide advice in respect of the portfolio management process until their notice period expires on 2 June 2026. There is no change to the Company's investment process, strategy or operations. 

Pursuant to a sub-investment management agreement between CQS and Manulife Investment Management Limited ("Manulife Canada"), CQS will delegate portfolio management services in respect of the Company to Manulife Canada until the Commencement Date. The Company has provided its consent to this delegation.

Next steps

A further announcement will follow prior to the Commencement Date to confirm the arrangements described above.

Notes to Editors:

About CQS Natural Resources Growth and Income PLC

CQS Natural Resources Growth and Income PLC (LSE: CYN) is a closed end investment trust to provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource and industrial fixed interest securities.

The trust provides exposure to value focused, under‑researched global energy and resources equities. The established investment approach is focused on long-term capital growth and the payment of an enhanced dividend yield of 8% of NAV per annum, funded from capital reserves as required.

https://ncim.co.uk/cqs-natural-resources-growth-and-income-plc/

About Tufton Investment Management

Tufton Investment Management is a specialist investment manager focused primarily on the maritime, raw materials, and energy-related sectors. Founded in 1985 and headquartered in London, the firm manages public and private funds for institutional investors, including major UK pension funds.

Tufton's principal investment mandates are executed by Tufton Investment Management Ltd which manages investments for public and private funds and other clients, including UK-listed flagship fund Tufton Assets Limited (LSE:SHIP).

Tufton's assets under management as at 31 March 2026 were c. US$ 500 million with a further c. US$ 1 billion in committed pipeline capital across public and private funds and mandates. .

Tufton Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (FCA).

https://www.tufton.com/

For further information, please contact:

This announcement contains information that is inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (the Market Abuse Regulation). The person responsible for arranging for the release of this announcement on behalf of CQS Natural Resources Growth and Income PLC is Frostrow Capital LLP. Upon the publication of this announcement, this information is considered to be in the public domain.