In QuotedData’s morning briefing 16 January 2025: Herald (HRI) says that a second independent proxy adviser – Glass Lewis – has recommended that shareholders vote against Saba’s proposals. Investors who hold their shares through an investment platform provider or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to […]
Apparently, Saba published a press release this morning in which it said: “If shareholders support Saba’s resolutions to reconstitute the HRI [Herald] board, Saba would encourage the new board to offer all shareholders a 100% cash exit at 99% of the trust’s NAV. As a result, Saba expects that shareholders will have the opportunity to […]
In QuotedData’s morning briefing 9 January 2025: Blackstone Loan Financing (BGLF) will return €260m to shareholders via a compulsory redemption of 344,325,255 shares at €0.7551 per share on 4 February. This will shrink the company by 98.39%. On this basis, a holder of 10,000 shares will have 9,839 Shares redeemed, and receive €7,429.43 in cash. […]
Sunfire, one of HydrogenOne’s largest investments, has secured €200m in guaranteed financing. The financing is provided by a consortium led by Commerzbank and other leading German and European commercial banks. The consortium includes, in addition to Commerzbank, Société Générale, BNP Paribas, LBBW and Ostsächsische Sparkasse Dresden. The guarantee line arranged by Commerzbank will be used […]
On 18 December 2024, Saba Capital Management, L.P. (“Saba”), wrote to the Board of Edinburgh Worldwide Investment Trust (the “Company”) with a requisition notice for a General Meeting to replace the Board and appoint alternative directors. On review of the documentation, in conjunction with the company’s registrars, it was discovered that Saba’s nominee was not […]
In QuotedData’s morning briefing 2 January 2025: Pershing Square Holdings (PSH) says Euronext Amsterdam has approved its request to delist from Euronext Amsterdam. The delisting request was submitted by Pershing Square Holdings on 4 December 2024. The last day of trading of the shares on Euronext Amsterdam will be on 30 January 2025 and delisting […]
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
Where once we celebrated some good news on investment trust cost disclosure reform, confusion reigns, not helped by proposals recently published by the FCA on its proposed consumer composite investments regulation, which some interpreted as an intention to reinstate a single aggregated cost figure for trusts, without acknowledging that costs are already reflected in share […]
Invesco Asia and Asia Dragon have published circulars ahead of the proposed combination of the two trusts. The combination will be undertaken through a scheme of reconstruction and winding-up of Asia Dragon under section 110 of the Insolvency Act 1986. As at 12 December 2024, Invesco Asia and Asia Dragon have each received an irrevocable […]
Baillie Gifford US Growth says: “The board considers these proposals to be fundamentally without merit, and in contravention of shareholder interests as a whole. A further announcement will be made in due course by the company accordingly, relating to the posting of a notice of a general meeting and an accompanying circular in which the […]
