In a further response to the requisition request issued by Saba, the board of Herald (HRI) has issued a statement highlighting the trust’s superior performance over that of Saba. From publicly available data sources and press articles, the board believes that Herald has materially outperformed Saba Capital Master Fund, often described as its flagship fund, […]
In QuotedData’s morning briefing 14 January 2025: International Biotechnology trust (IBT) has announced Johnson and Johnson’s acquisition of Intra-Cellular Therapies (ITCI) for $132 per share, representing a premium of approximately 40% to ITCI’s closing share price on 10 January 2025. ITCI is IBT’s largest shareholding, representing 7.14% of IBT’s NAV as at 10 January 2025. […]
After several years of uncertainty, US hedge fund Saba Capital Management finally made its intentions for the UK investment trust sector clear on 18 December 2024, requisitioning general meetings of seven trusts, including Baillie Gifford US Growth Trust (US Growth), to vote on resolutions to remove the existing, entirely independent boards of directors. Saba hopes […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) Henderson Opportunities Trust (HOT) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions. In the process, the company has announced details […]
The European Smaller Companies Trust (ESCT) which holds a continuation vote every three years has been giving consideration to additional liquidity opportunities for shareholders, both periodic events and ongoing market liquidity, and has determined to introduce a three-yearly performance conditional tender offer and to enhance its discount management policy to target a mid-single-digit discount. Performance […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) The European Smaller Companies Trust (ESCT) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which ESCT describes as being “self-serving”. […]
In QuotedData’s morning briefing 8 January 2025: The Apax IX Fund, in which Apax Global Alpha Limited (APAX) is a limited partner, announced that portfolio company Paycor (PYCR) a leading provider of human capital management software, has entered into a definitive agreement with Paychex to be acquired in an all-cash transaction for $22.50 per share. […]
BlackRock Income and Growth Investment Trust (BRIG) announced its annual results for the year ended 31 October 2024. The company delivered an NAV total return of 18.1%. benchmark index which returned 16.3%. The share price total return was 13.2% leading the discount to widen from 8.7% at the start of the year to 12.9%. Commenting […]
Following the receipt of a requisition request from Saba Capital Management, L.P. (click here to see our original coverage of this) CQS Natural Resources Growth and Income (CYN) has published a notice for the requisitioned general meeting alongside a unanimous board recommendation to vote against all of the requisitioned resolutions, which CYN describes as being […]
Following its announcement on 20 December, Herald (HRI) has released a circular strongly outlining why the board believes shareholders should vote against all of Saba’s proposed resolutions. The circular also contains a notice of the requisitioned general meeting which is to be held at 10-11 Charterhouse Square, London EC1M 6EE on 22 January 2025 at […]
