Saba Capital’s attempt to take control of the Herald investment trust board is “potentially destroying value for all shareholders”, the investment company claimed.
In a circular to shareholders published today (3 January), Herald's board strongly urged its investors to vote against Saba's proposed changes, adding that "the board believes that, since its inception, Saba has materially underperformed Herald". Herald is the largest of the seven UK-listed trusts targeted by the US activist hedge fund, and its board slammed the attempt by Boaz Weinstein's hedge fund to seize control of its board as "opportunistic". Saba slammed for 'obvious flaw' in strategy to oust boards of seven investment trusts In the circular, Herald warned its shareholders...
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