Saba 'has done a good job in shaking up the industry' but Plan B is 'a reactionary position'

'Plan B effectively rules out legal action'

Saba Capital, the US activist hedge fund causing waves through the investment trust sector, has been accused of "making it up as they go along" by industry commentators.

Earlier in February, with six out of six vote losses under its belt and an admittance from the hedge fund's founder and chief investment officer Boaz Weinstein that "we are for sure going to lose" the seventh, Saba launched a fresh round of investment trust-focused activism.  Plan B Saba's self-proclaimed ‘Plan B' put forward proposals at four UK investment trusts to transition them into open-ended funds in order to "give shareholders the opportunity to receive long-overdue liquidity at net asset value".  Saba agrees to withdraw general meeting requisition at Middlefield Canadian In...