US activist hedge fund Saba Capital has agreed to withdraw its requisition notice at another of the four investment trusts targeted in its ‘Plan B’ campaign.
In a stock exchange notice last week (21 February), the board of Middlefield Canadian Income PCC revealed that, having received Saba's letter requisitioning the trust to convene a general meeting, it has since consulted with a number of its shareholders, including Saba. According to Middlefield, "following constructive discussions, Saba has agreed to withdraw the requisition for a period of 60 days to enable the company and its advisers to formulate proposals that are in the best interests of all shareholders". Saba withdraws second requisition notice on European Smaller Companies af...
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