Shareholders of Herald investment trust (HRI) have voted overwhelmingly in favour of the trust’s continuation at its annual general meeting, seeing off a Saba Capital wind-down for a second time.
HRI's board had repeatedly called on its shareholders to vote in favour of the trust's continuation, and took up the charge against the Manhattan-headquartered activist hedge fund, which it believed was planning to vote against the strategy, potentially triggering a wind-down. Herald shareholders urged to support continuation at AGM as Saba vote could lead to wind-up of the trust In January, around two thirds of HRI shareholders overwhelmingly voted against Saba's eight proposed resolutions when it attempted to quasi take over the company and in yesterday's (24 March) vote, 69.1% of s...
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