Herald shareholders overwhelmingly vote against all eight Saba proposals

First of the seven Saba meetings

Shareholders of Herald investment trust (HRI) have voted heavily against Saba Capital's eight proposed resolutions.

The vote came at at the first of seven general meetings requisitioned by Saba at a septet of UK investment trusts to vote on the changes put forward by the US activist hedge fund.  Just under two thirds (65.1%) of the total votes were cast against the requisitioned resolutions. The votes against totalled more than 26.4 million and represented a majority of the company's total voting rights, according to a London Stock Exchange notice. Almost all non-Saba shareholders (99.78%) voted against Saba's proposals, representing a "clear, complete and incontrovertible rebuttal" of Saba's resol...