REG - Baillie Gifford US - Voting Advisers Recommend Vote “AGAINST” Saba

Baillie Gifford Us Growth TrustAnnouncement

24/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250124:nRSX5200Ua&default-theme=true

RNS Number : 5200U  Baillie Gifford US Growth Trust PLC  24 January 2025

24 January 2025

Baillie Gifford US Growth Trust plc

 

Legal Entity Identifier: 213800UMIOUWXZPKE539

Independent Professional Voting Advisers Recommend Shareholders Vote "AGAINST"
Saba

 

The Board of Baillie Gifford US Growth Trust plc (the "Company") notes the
publication of the voting recommendations from independent voting experts
Glass Lewis, ISS and PIRC, in relation to the Company's forthcoming
Requisitioned General Meeting.

 

All three LEADING VOTING EXPERTS have recommended that shareholders VOTE
AGAINST the Requisitioned Resolutions at the Requisitioned General Meeting to
be held at noon on 3 February 2025.

 

Industry-leading governance experts Glass Lewis, ISS and PIRC share the
Board's concerns about the future of the Company should the proposals put
forward by Saba, a US hedge fund manager, be voted through.

 

These recommendations are in line with the unanimous recommendation of the
Company's independent Board, which outlined its recommendation to VOTE AGAINST
the Requisitioned Resolutions in the circular posted to Shareholders on 6
January 2025 (the "Circular") (a copy of which is available on the Company's
website at bgusgrowthtrust.com (http://www.bgusgrowthtrust.com) ). Saba is
counting on Shareholders not voting their Shares to give them the best chance
of taking effective control of the Company. Accordingly, it is very important
that all Shareholders, irrespective of the number of Shares they hold, vote on
the Requisitioned Resolutions as the future of their investment depends on it.

 

THE DEADLINE FOR PROXY VOTING CLOSES AT 12.00 NOON ON 30 JANUARY 2025.
DEADLINES FOR VOTING THROUGH PLATFORMS MAY BE EARLIER.

 

Any Shareholders needing help or assistance in voting their Shares before the
deadline should email USA@georgeson.com for more information.

 

Unless the context provides otherwise, capitalised terms used in this
announcement shall have the same meanings given to them in the Circular.

 

Tom Burnet, Chairman of Baillie Gifford US Growth Trust plc, said:

 

"Baillie Gifford US Growth is a top performing investment trust with a wholly
independent Board, so we are pleased to see that all three major independent
voting advisers have agreed with the Board's unanimous recommendation to VOTE
AGAINST the Requisitioned Resolutions. These experts echo the Board's concerns
that Saba's proposals are inconsistent with the highest standards of corporate
governance they claim to represent and present potential material conflicts of
interest.

 

Saba is counting on other shareholders, and in particular retail investors,
not voting their shares to give them the best chance of taking effective
control of the investment trusts they've requisitioned, including our Company.

 

On 22 January, Herald Investment Trust's shareholders made themselves heard at
its Saba-requisitioned General Meeting where 99.8% of the votes cast by
non-Saba shareholders voted against the requisitioned resolutions. Our
Shareholders, big and small, must also make themselves heard at our Company's
Requisitioned General Meeting - they need to vote against all the resolutions
to send a clear message to Saba that their self-serving proposals are
unwanted. The voting deadline is approaching on 30 January and we again urge
Shareholders to protect their investment by voting against Saba's destructive
proposals."

 

Enquiries:

Company

Tom Burnet

c/o Burson Buchanan

USA@buchanancomms.co.uk (mailto:USA@buchanancomms.co.uk)

+44 (0)20 7466 5000

 

Panmure Liberum Limited

Alex Collins / Michael Janes

info@panmureliberum.com (mailto:info@panmureliberum.com)

+44 (0)20 3100 2000

 

Burson Buchanan

Henry Wilson / Helen Tarbet

USA@buchanancomms.co.uk (mailto:USA@buchanancomms.co.uk)

+44 (0)20 7466 5000

 

Company Secretary

Baillie Gifford & Co Limited, Company Secretary

trustenquiries@bailliegifford.com (mailto:trustenquiries@bailliegifford.com)
 

+44 (0)800 917 2113

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEAFWDEISESF