Boaz Weinstein's Saba offers cash exit to UK investment trust shareholders (updated)

Henderson Opportunities Trust

09/01/2025 07:41

(Adds details from Saba's statement in paragraph 3, background
in paragraph 4-5)
       Jan 9 (Reuters) - U.S. hedge fund Saba Capital
Management said on Thursday it would offer shareholders of UK's
Herald Investment Trust  HRI.L  a full cash exit at 99% of their
net asset value, in a bid to win over its shareholders' approval
for a board overhaul.
    Saba, founded and run by star activist investor Boaz
Weinstein, said last month it wanted to overhaul the boards of
seven British investment trusts over performances it said ranged
from "underwhelming" to "disastrous".
    "Saba would support further changes so this cash exit would
be overseen by a fully independent Board and would not expect it
to occur for at least a year thereafter, ensuring portfolio
value is maximized," the hedge fund said in a statement.
    Saba's plans, which include nominating Weinstein to the
board of one fund and one of its lead portfolio managers, Paul
Kazarian, to the other six funds' boards, have faced a lot of
pushback.
    The other trusts it is targeting include Baillie Gifford US
Growth Trust  USAB.L , CQS Natural Resources Growth & Income
 CYNL.L , Edinburgh Worldwide Investment Trust  EWI.L , Keystone
Positive Change  KPCK.L , Henderson Opportunities Trust  HENT.L 
and European Smaller Companies Trust  ESCT.L . 

 (Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi
Aich)
 ((Yamini.Kalia@thomsonreuters.com;))