Saba Capital has suffered another setback in its campaign to remove the boards of seven investment trusts with shareholders of Janus Henderson’s European Smaller Companies Trust (ESCT) decisively voting to back the existing board, according to a report by Daily Business.
The vote, which marks Saba’s sixth defeat in its ongoing battle for change at seven UK investment trusts, saw Saba’s proposals gain just an additional 0.5% of votes cast. Overall, 62.1% of those voting rejected Saba’s resolutions, with turnout once again robust at 76.86%.
James Williams, chair of Janus Henderson’s European Smaller Companies Trust, welcomed the result, describing it as a “clear and complete rejection of Saba’s proposals.”
He added, “Today’s vote is a resounding endorsement of ESCT’s proven investment strategy, the quality of its independent board, and the manager’s ability to deliver outperformance.”
Saba’s campaign is set to conclude with a final general meeting on 14 February, when shareholders of the Baillie Gifford-managed Edinburgh Worldwide trust will cast their votes.
This latest loss follows a series of setbacks for Saba. Over the past week, the hedge fund failed to secure shareholder support to oust the boards of CQS Natural Resources Growth & Income, Henderson Opportunities, Baillie Gifford US Growth, and Keystone Positive Change trusts. The campaign began with an initial defeat at Herald Investment Trust.
