Do platforms need to redefine their communication with shareholders?
Saba’s attempts to exploit low shareholder engagement using its large shareholdings revealed a vulnerability platforms must address
Saba Capital
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Middlefield Canadian Income to adopt Saba’s ETF proposal
Shareholders will vote on rolling their investment into an ETF structure
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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
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Saba withdraws second requisition at CQS Natural Resources Growth & Income
Allowing the CQS Natural Resources board to complete a strategic review
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Saba Capital’s Schroder UK Mid Cap requisition deemed invalid
Its nominee company did not hold sufficient shares at the time of the requisition notice
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Saba Capital withdraws Middlefield Canadian Income requisition
Requisition notice has been withdrawn for 60 days after “constructive discussions” between Saba and the investment trust’s board
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Saba demands second vote at CQS Natural Resources Growth
It wants to create an open-ended version of the trust, despite the board already undergoing a strategic review
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‘Significant shift in strategy’: Saba Capital targets four more investment trusts
Activist investor aims to convert each trust into an open-ended vehicle to provide the option of liquidity at NAV
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Saba suffers sixth defeat at European Smaller Companies Trust meeting
Saba Capital has so far failed to convince shareholders, receiving less than 2% of independent voting at each meeting
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Saba loses Keystone and Baillie Gifford US Growth votes
Non-Saba shareholders almost unanimously voted against the proposals at each investment trust
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AIC calls for company law amendments to widen voting access following Saba votes
Amendments to company law would require platforms to opt in investors automatically to receive company information and voting rights
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Herald shareholders reject Saba proposals
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