Saba suffers sixth defeat in investment trust saga as ESCT sweeps US hedge fund aside

Six of seven votes

Shareholders of Janus Henderson’s European Smaller Companies trust (ESCT) have voted against the proposed changes to oust its board by US activist hedge fund Saba Capital in the sixth of seven general meetings.

Almost two thirds (62.1%) of the votes cast were against the resolutions, with 99.5% of non-Saba votes in favour of board continuity. James Williams, ESCT's chair, said: "Today's (5 February) vote is a clear and complete rejection of Saba's proposals and a resounding endorsement of ESCT's proven investment strategy, the quality of its independent board and the manager's ability to deliver outperformance." Henderson Opportunities and CQS shareholders brush Saba aside as they vote against US hedge fund's takeover He continued: "Our shareholders have spoken loudly and clearly with 99....