Overview
City Natural Resources’ net asset value fell by 19.3% to 125.9p over the course of 2014. By contrast their benchmark index (a composite of 2/3 the Euromoney Global Mining Index and 1/3 the Credit Suisse High Yield Index) fell by 9.7% (with the mining index falling by 15.5% and the high yield index rising by 5.7%). To make matters worse for shareholders, the discount widened and so the return to shareholders was -21.2%. Two interim dividends of 0.86p were paid, the same level as 2013.
CYN : City Natural suffers as commodities fall