Glass Lewis backs Janus Henderson's ESCT in Saba tussle

Following Herald victory

Independent proxy adviser Glass Lewis has backed the board of Janus Henderson's European Smaller Companies trust (ESCT) by recommending shareholders vote against the plans of activist hedge fund Saba Capital to oust the board of the trust.

The support from Glass Lewis follows a circular issued by ESCT's board warning shareholders that Saba's intentions are not in their best interests and urging them to vote against the proposed resolutions at the upcoming general meeting requisitioned by Saba, due to take place on 5 February.  Glass Lewis advises Keystone Positive Change shareholders to vote against Saba proposals Saba, the trust's largest shareholder with an interest of around 29%, called for the convening of a general meeting on 18 December to propose replacing the four current independent board members with two Saba ...