Lloyds agrees to allow investment trust shareholders to vote on Saba resolutions

Five meetings next week

Lloyds Bank has made change to a decision to prevent shareholders of seven UK-listed investment trusts targeted by US hedge fund Saba Capital from voting at a series of upcoming general meetings in February.

Headed up by Boaz Weinstein, Saba has requisitioned general meetings at seven UK investment trusts, vehicles in which the hedge fund holds between 19-29% of shares.  The Manhattan-based activist firm has proposed resolutions to oust the boards of the seven trusts and replace it with its own nominees, blaming the boards and managers of the trusts for having "failed shareholders" and underperformed over the past three years.  Hedge funds line up short positions against Saba holdings in UK trust tussle So far, just one of the trusts, Herald investment trust (HRI), has voted on Saba's ...