Henderson Opportunities and CQS shareholders brush Saba aside as they vote against US hedge fund's takeover

Saba loses another two votes

Henderson Opportunities (HOT) and CQS Natural Resources Growth & Income trusts have sided with their current, respective boards against the attempts by US activist hedge fund Saba Capital to replace them with its own nominees and upend the companies.

In the fourth and fifth votes of the ‘Saba seven' today (4 February), the US group saw 65.36% of the total votes cast against the resolutions in the HOT meeting, while CQS saw a 68% turnout, with over 59% of votes cast against Saba's requisitioned resolutions. Excluding the votes cast by Saba in favour of the resolutions, just 0.98% of HOT shareholders who turned out voted with the activist hedge fund, representing 0.72% of the company's total voting rights.  Saba Capital defeated at Baillie Gifford US Growth and Keystone meetings Wendy Colquhoun, chair of HOT, said: "The result to...