Linus Uhlig, Investment Week, 23 January 2025:
Manhattan-based activist hedge fund Saba Capital said it “remains committed to putting shareholders’ interests first” and “ultimately rehabilitating” a “broken” UK investment trust sector, despite two thirds of Herald investment trust (HRI) shareholders’ votes cast against all eight of its resolutions.
At Wednesday’s (22 January) requisitioned general meeting in London, almost two thirds (65.1%) of the total votes cast by shareholders were against Saba’s resolutions, with almost all non-Saba shareholders (99.78%) voting down the hedge fund’s proposals.
However, Saba said it remains determined despite its defeat because “more change is required” at HRI..
Herald shareholders overwhelmingly vote against all eight Saba proposals..
James Carthew, head of investment companies at QuotedData, declared the result “a victory for ordinary shareholders”, but argued that “platforms need to change their systems so that turnouts are much higher”.
At HRI’s general meeting, attended by Investment Week, one shareholder urged the board to improve its distribution and communication through platforms. He explained that he received a letter requesting him to vote through his HL platform on 18 January, even though the platform had closed voting on 17 January.
QuotedData’s Carthew said: “Let us hope that today’s win augurs well for the other votes. However, it is important not to be complacent, every vote will count, make sure you get to have your say. Also remember that Herald will also need your support at future meetings.”
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