US activist hedge fund Saba Capital has been defeated in two general meetings at a pair of Baillie Gifford investment trusts today (3 February).
Over 60% of shareholders at Keystone Positive Change (KPC) voted against Saba's resolutions while just 0.8% of non-Saba shareholders voted in favour of the hedge fund's proposals. At a simultaneous general meeting in Edinburgh, Baillie Gifford US Growth (USA) investors voted against Saba's resolutions, with 65.6% of shareholders voting down the proposed changes. Excluding Saba's own votes, 98.5% of votes cast were against the requisitioned resolutions. Overall, shareholder turnout to the polls was 78.4%, the USA noted. Saba lambasts investment trust 'UK boys club' ahead of crunch v...
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