Agreement with Saba
22/01/2025 07:00
BLACKROCK SMALLER COMPANIES TRUST PLC
LEI:549300MS535KC2WH4082
Agreement with Saba
London, January 21 2025 -The Board of BlackRock Smaller Companies Trust plc
("BRSC" or the "Company") announces that it has today entered into an
agreement with Saba Capital Management L.P. (`Saba') pursuant to which Saba
has given a number of undertakings to the Company regarding its shareholding
in BRSC, including as set out below:
- Saba will not put forward any proposals to shareholders or
requisition any resolution or general meeting of the Company;
- Saba will not seek to change the composition of the Board;
- Saba will not seek to control or influence the Board or
Fund or the policies or management of the Fund;
- where able to do so, Saba will vote on any resolution at
any shareholder meeting of the Company in accordance with the Board's
recommendation;
- Saba will not engage, directly or indirectly, in any short
selling of the Company's shares; and
- Saba will not engage in any takeover offer for the company
(unless recommended by the Board or made by an independent third party without
the involvement of Saba) or any other extraordinary transaction with respect
to the Company (other than a transaction recommended by the Board or on the
same basis as other shareholders),
in each case for a period lasting until the earlier of the day following
completion of the Company's 2027 annual general meeting of shareholders or 31
August 2027.
The Board notes that certain BlackRock closed-end funds in the US and UK have
entered into separate agreements with Saba, each of which was negotiated on
behalf of the applicable fund and approved by such fund's board of directors.
The Company has given no monetary consideration to Saba or any of its
affiliates in return for the benefits outlined above, and such benefits do not
restrict the Board's or the Company's independence in any way. The Board is
committed at all times to exercising the best standards of corporate
governance, promoting the success of the Company and putting first the
interests of shareholders as a whole.
For further information, please contact:
Press Enquiries:
Lansons Communications
Ed Hooper
+44 207 294 3610
edh@lansons.com
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