Saba's requisitioned Schroder UK Mid Cap meeting deemed invalid

Breaches Companies Act 2006

A general meeting requisitioned by activist US hedge fund Saba Capital at Schroder UK Mid Cap fund has been deemed invalid due to it being in contravention of the Companies Act 2006.

According to a London Stock Exchange notice released on Wednesday (26 February) , the Schroders trust received a requisition notice from Vidacos Nominees on 12 February in its capacity as a nominee of Citibank.  Saba agrees to withdraw general meeting requisition at Middlefield Canadian Income Citibank's client Jefferies is a prime broker acting on behalf of Saba, but the requisition was classified as invalid "because the named nominee was not the registered holder of sufficient shares on the date of the requisition notice".  For this reason, the requisition request was deemed agai...