Saba shows no signs of stopping despite Herald defeat as 'the battle is still far from over'

Six more trusts to vote

Manhattan-based activist hedge fund Saba Capital said it “remains committed to putting shareholders’ interests first” and “ultimately rehabilitating” a “broken” UK investment trust sector, despite two thirds of Herald investment trust (HRI) shareholders' votes cast against all eight of its resolutions.

At Wednesday's (22 January) requisitioned general meeting in London, almost two thirds (65.1%) of the total votes cast by shareholders were against Saba's resolutions, with almost all non-Saba shareholders (99.78%) voting down the hedge fund's proposals.  However, Saba said it remains determined despite its defeat because "more change is required" at HRI.  Boaz Weinstein's hedge fund said it appreciates "the thoughtful engagement from fellow HRI shareholders in recent weeks, which only reinforces the dire state of the UK investment trust industry and the need for Saba's presence in th...