US activist hedge fund Saba Capital has shared intentions to offer shareholders of Herald investment trust a cash exit opportunity if its efforts to reconstitute the board of directors are successful.
Saba said it would "encourage the new board to offer all shareholders a 100% cash exit at 99% of net asset value, if they wish". This would be broadly in line with the price at which the trust's shares are currently trading, with Herald currently trading at a 0.4% discount to its NAV, according to data from the Association of Investment Companies. Saba's Boaz Weinstein hits back at Herald trust and defends its abilities to outperform current management Saba added that it would "support further changes so this cash exit would be overseen by a fully independent board and would not ...
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