UPDATE: In July 2025, the trust bought out Saba in a tender offer at a price of 208.33p that saw its share count fall by 46%. That proved to be poorly timed from Saba's viewpoint, as the trust's share price had risen to £3 by the time the tender price was set on 30 September, and then rose further to £4 in early 2026. Keith Watson and Robert Crayfourd resigned from CQS in March 2026 and moved to Tufton Asset Management. The trust subsequently moved its management contract to Tufton, effective mid-September 2026, and changed its name from CQS Natural Resources Growth & Income to City Natura...