US activist investor Saba Capital is nowhere near done with the world of investment trusts. It has a back-up plan after losing all requisitioned meetings at seven trusts in the last few weeks.
In the latest turn of events in the ‘Saba saga', the US hedge fund revealed on Monday (10 February) it would requisition general meetings at four investment trusts – two of the original Saba seven (CQS Natural Resources Growth & Income and European Smaller Companies) and two new targets (Schroder UK Mid Cap fund and Middlefield Canadian Income). This time though, it is seeking to turn the trusts into open-ended funds. All the notices have been sent out, but Saba has today withdrawn its request from European Smaller Companies, following engagement between the two, for at least 30 days....
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