RCS - Saba Capital Mgmt. - SABA MEETING REQUISITION – FOUR UK-LISTED TRUSTS

Edinburgh Worldwide Investment TrustAnnouncement

10/02/2025 17:01

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RNS Number : 5677W  Saba Capital Management L.P  10 February 2025

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SABA MEETING REQUISITION - FOUR UK-LISTED TRUSTS

 

Released 15:45:00 10 February 2025

 

RNS Number: 5677W

Saba Capital Management, L.P.

10 February 2025

 

FOR IMMEDIATE RELEASE

 

10 February 2025

 

 

Saba Capital Announces Intention to Requisition General Meetings at Four
U.K.-Listed Trusts to Provide Liquidity for Shareholders Through Open-Ended
Fund Transition

 

Saba Capital Management, L.P. (together with certain of its affiliates, "Saba"
or "we") today announced its intention to requisition the Boards of Directors
(the "Boards") of CQS Natural Resources Growth & Income PLC (CYN:LSE),
European Smaller Companies Trust PLC (ESCT:LSE), Middlefield Canadian Income
PCC (MCT:LSE) and Schroder UK Mid Cap Fund PLC (SCP:LSE) (the "Trusts") to
hold General Meetings for shareholders to vote on a proposal to implement a
scheme or process to provide the opportunity to transition to comparable
open-ended funds. Saba is convening the General Meetings based on thoughtful
feedback received from shareholders over the course of its campaign to deliver
value to the U.K. trust sector. 1 

 

In connection with the announcement, Saba today issued an open letter to its
fellow shareholders that can be found at the following link: click here
(https://saba-uktrusts.s3.us-west-1.amazonaws.com/Saba+Capital+Shareholder+Letter+-+CYN%2C+ESCT%2C+MCT+%26+SCP.pdf)

 

For more information, visit: www.mindthegap-uktrusts.com
(http://www.MindTheGap-UKTrusts.com) .

 

About Saba

 

Saba Capital Management, L.P. is a global alternative asset management firm
that seeks to deliver superior risk-adjusted returns for a diverse group of
clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit
relative value strategies and capital structure arbitrage. Saba has offices in
New York City and London. Learn more at www.sabacapital.com
(http://www.sabacapital.com) .

 

Investor Contact

Alliance Advisors

Timothy Marshall / Adam Riches, 0800-102-6570

saba@allianceadvisors.com (mailto:saba@allianceadvisors.com)

 

Media Contact

Longacre Square Partners

Charlotte Kiaie / Kate Sylvester, +1-646-386-0091
ckiaie@longacresquare.com (mailto:ckiaie@longacresquare.com)
 / ksylvester@longacresquare.com (mailto:ksylvester@longacresquare.com)

 

DISCLAIMER

 

Saba Capital Management, L.P. ("Saba") is publishing this announcement solely
for the information of other shareholders in each of CQS Natural Resources
Growth & Income PLC (CYN:LSE), European Smaller Companies Trust PLC
(ESCT:LSE), Middlefield Canadian Income PCC (MCT:LSE) and Schroder UK Mid Cap
Fund PLC (SCP:LSE) (the "Trusts"). This announcement is not intended to be and
does not constitute or contain any investment recommendation as defined by
Regulation (EU) No 596/2014 (as it forms part of the domestic law in the
United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No
information in this announcement should be construed as recommending or
suggesting an investment strategy. Nothing in this announcement or in any
related materials is a statement of or indicates or implies any specific or
probable value outcome in any particular circumstance. This announcement is
provided merely for general informational purposes and is not intended to be,
nor should it be construed as (1) investment, financial, tax or legal advice,
or (2) a recommendation to buy, sell or hold any security or other investment,
or to pursue any investment style or strategy. Neither the information nor any
opinion contained in this announcement constitutes an inducement or offer to
purchase or sell or a solicitation of an offer to purchase or sell any
securities or other investments in the Trusts or any other trust by Saba or
any of its affiliates in any jurisdiction. This announcement does not consider
the investment objective, financial situation, suitability or the particular
need or circumstances of any specific individual who may access or review this
announcement and may not be taken as advice on the merits of any investment
decision. This announcement is not intended to provide the sole basis for
evaluation of, and does not purport to contain all information that may be
required with respect to, any potential investment in the Trusts. Any person
who is in any doubt about the matters to which this announcement relates
should consult an authorised financial adviser or other person authorised
under the UK Financial Services and Markets Act 2000. To the best of Saba's
ability and belief, all information contained herein is accurate and reliable,
and has been obtained from public sources that Saba believes to be accurate
and reliable. However, such information is presented "as is", without warranty
of any kind, whether express or implied, and Saba has not independently
verified the data contained therein. All expressions of opinion are subject to
change without notice, and Saba does not undertake to update or supplement any
of the information, analysis and opinion contained herein.

 

Saba may continue transacting in the shares and securities of the Trusts,
and/or derivatives referenced to them (which may include those providing long
and short economic exposure) for an indefinite period following the date of
this announcement and may increase or decrease its interests in such shares,
securities and/or derivatives at any time.

 

FORWARD LOOKING STATEMENTS

 

This announcement contains certain forward-looking statements and information
that are based on Saba's beliefs, as well as assumptions made by, and
information currently available to, Saba. These statements include, but are
not limited to, statements about strategies, plans, objectives, expectations,
intentions, expenditures and assumptions and other statements that are not
historical facts. When used herein, words such as "anticipate," "believe,"
"estimate," "expect," "intend," "plan" and "project" and similar expressions
(or their negative) are intended to identify forward-looking statements. These
statements reflect Saba's current views with respect to future events, are not
guarantees of future performance and involve risks and uncertainties that are
difficult to predict. Further, certain forward-looking statements are based
upon assumptions as to future events that may not prove to be accurate. Actual
results, performance or achievements may vary materially and adversely from
those described herein. There is no assurance or guarantee with respect to the
prices at which any securities of the Trusts or any other trust will trade,
and such securities may not trade at prices that may be implied herein. Any
estimates, projections or potential impact of the opportunities identified by
Saba herein are based on assumptions that Saba believes to be reasonable as of
the date hereof, but there can be no assurance or guarantee that actual
results or performance will not differ, and such differences may be material
and adverse. No representation or warranty, express or implied, is given by
Saba or any of its officers, employees or agents as to the achievement or
reasonableness of, and no reliance should be placed on, any projections,
estimates, forecasts, targets, prospects or returns contained herein. Neither
Saba nor any of its directors, officers, employees, advisers or
representatives shall have any liability whatsoever (for negligence or
misrepresentation or in tort or under contract or otherwise) for any loss
howsoever arising from any use of information presented in this announcement
or otherwise arising in connection with this announcement. Any historical
financial information, projections, estimates, forecasts, targets, prospects
or returns contained herein are not necessarily a reliable indicator of future
performance. Nothing in this announcement should be relied upon as a promise
or representation as to the future. Nothing in this announcement should be
considered as a profit forecast.

 

PERMITTED RECIPIENTS

 

In relation to the United Kingdom, this announcement is being issued only to,
and is directed only at, (i) investment professionals specified in Article
19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 as amended (the "Order"), (ii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within Article
49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21
of the Financial Services and Markets Act 2000) in connection with the issue
or sale of any securities of the Trusts or any member of their respective
groups may otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as "Permitted Recipients").
Persons who are not Permitted Recipients must not act or rely on the
information contained in this announcement.

 

DISTRIBUTION

 

Not for release, publication or distribution, in whole or in part, directly or
indirectly, in, into or from any jurisdiction where to do so would constitute
a violation of the relevant laws of that jurisdiction. The distribution of
this announcement in certain countries may be restricted by law and persons
who access it are required to inform themselves and to comply with any such
restrictions. Saba disclaims all responsibility where persons access this
announcement in breach of any law or regulation in the country of which that
person is a citizen or in which that person is residing or is domiciled.

 1  Saba previously requisitioned general meetings at Baillie Gifford US
Growth Trust PLC (USA:LSE), CQS Natural Resources Growth & Income PLC
(CYN:LSE), Edinburgh Worldwide Investment Trust PLC (EWI:LSE), European
Smaller Companies Trust PLC (ESCT:LSE), Henderson Opportunities Trust PLC
(HOT:LSE), Herald Investment Trust PLC (HRI:LSE) and Keystone Positive Change
Investment Trust PLC (KPC:LSE).

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