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City Merchants High Yield Trust Ltd - Dividend Declaration

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City Merchants High Yield Trust Limited

HEADLINE: 1st Interim Dividend

The Directors of the Company are pleased to announce the 1st interim dividend, in respect of the year ended 31 December 2021, of 2.5 pence per Ordinary share. This dividend will be paid on 21 May 2021, to shareholders on the register on 23 April 2021. The shares will be marked ex-dividend on 22 April 2021.

The Company has previously stated its intention is to target an annual dividend of 10 pence per share, which is reflected in the first interim dividend of 2.5 pence per share for the quarter to 31 March 2021. In connection with the proposed merger with Invesco Enhanced Income Limited (“IPE”) announced on 1 March 2021 (the “Transaction”), the Company stated its intention to target an annual dividend of 11 pence per share (equivalent to a quarterly dividend of 2.75 pence per share) for three years following the Transaction. Therefore, subject to the completion of the Transaction, the Company intends to target quarterly dividends of 2.75 pence per share for the remaining three quarters of the current financial year. In the event the Transaction does not complete, the Company will continue to target quarterly dividends of 2.5 pence per share for the current financial year. Completion of the Transaction is expected in May 2021, subject to the approval of shareholders of both the Company and IPE. Further information in relation to the Transaction is set out in the announcement on 1 March 2021.

Issued for and on behalf of City Merchants High Yield Trust Limited.

Contacts:

Hilary Jones
JTC Fund Solutions (Jersey) Limited
Telephone: 01534 700000

23 March 2021