Saba Capital to exit ESCT through tender offer
European Smaller Companies Trust will launch a tender offer for up to 42.5% of its shares after talks between the board and Saba
European Smaller Companies Trust will launch a tender offer for up to 42.5% of its shares after talks between the board and Saba
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Its shift of investment strategy, ‘disrupting’ tender offer and pressure from activist shareholders has led to ‘waning confidence’
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Requisition notice has been withdrawn for 60 days after “constructive discussions” between Saba and the investment trust’s board
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No major shareholders have made any indication of voting against continuation
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Edinburgh Worldwide Investment Trust shareholders vote against Saba proposals
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Between 69% and 76% of shares on ii platform voted on
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Some 65.4% of votes cast rejected the proposals, with almost all in favour coming from Saba
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BlackRock ETFs offer exposure to Nasdaq 100
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Outside of Saba’s shares, only 0.15% of the votes cast were in favour of Saba’s proposals to replace the trust’s board
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Saba could be breaking the FCA’s rules around board independence, according to Edison
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AIC calls on platforms to reach out to investors to encourage voting for trusts
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Saba CEO confirmed the hedge fund would seek to merge trusts into a single vehicle and invest back into UK assets
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