The boards of a pair of Baillie Gifford investment trusts have expressed their scepticism of the plans by the Manhattan-based activist hedge fund Saba Capital to take over the its and five other boards.
In a London Stock Exchange notice today (6 January), the board of the Baillie Gifford US Growth Trust (USA) accused Saba of wanting to make "self-serving and destructive changes to the company" and compelled its shareholders to vote against the requisitioned general meeting set to take place at Baillie Gifford's Edinburgh offices on 3 February. Tom Burnet, non-executive chair of the trust, said: "shareholders who invested at IPO in 2018 have nearly tripled their initial investment. Further, the growth outlook for our portfolio companies is extremely strong." However, according to Bur...
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