Linus Uhlig, Investment Week,10 July 2025:
Herald investment trust’s (HRI) ongoing share buyback scheme has pushed activist hedge fund Saba Capital to exceed 30% of the trust’s issued shares, the threshold needed to automatically trigger a bid for the trust.
However, given that Saba has entered this territory passively, having previously held a 29.9% position in Herald prior to the latest buybacks, a vote will not be triggered if Saba does not buy.
According to QuotedData’s senior analyst Matthew Read, just one additional share purchase from Boaz Weinstein’s hedge fund would trigger a bid for the £1.2bn trust.
Saba is also not required to reduce its current position to below the 30% threshold.
In a stock exchange notice, it was confirmed that “no acquisition or disposal of in-scope securities has been made”.
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