Saba Capital Management, the US activist investment firm headed by Boaz Weinsten, has issued a new presentation outlining its plans to deliver “shareholder value” at seven UK investment trusts by improving liquidity and long-term returns.
The trusts are: Baillie Gifford US Growth Trust; CQS Natural Resources Growth & Income; Edinburgh Worldwide Investment Trust; European Smaller Companies Trust; Henderson Opportunities Trust (HOT:LSE); Herald Investment Trust; and Keystone Positive Change Investment Trust.
Saba has requisitioned General Meetings of these seven Trusts to provide shareholders the opportunity to vote on resolutions to remove the Trusts’ existing directors and appoint highly qualified directors to replace them.
In statement, Saba said it is convening the General Meetings “because we believe the current Boards and investment managers have failed to perform versus their benchmarks, resulting in deep trading discounts to net asset value, which we believe have only recently narrowed as a result of Saba’s investment”.
