Herald shareholders urged to support continuation at AGM as Saba vote could lead to wind-up of the trust

AGM in March

The board of Herald investment trust (HRI) has called onto its shareholders to vote in favour of the trust's continuation at its next annual general meeting set to take place on 24 March.

In a stock exchange notice today (20 February), the HRI board warned that the Manhattan-headquartered activist hedge fund Saba Capital might vote against the continuation of the strategy, which, in turn, could trigger its winding down. According to HRI, since Saba's stake in the trust was 29.1% as of 15 January, "the board believes that other shareholders representing at least 30% of the company's issued share capital may be required to vote in favour of the continuation resolution" and enable the trust to continue in its current form". Herald shareholders overwhelmingly vote against ...