Investors in two more UK trusts reject activist Saba's campaign (updated)

Henderson Opportunities Trust

04/02/2025 14:41

(Adds result of second trust vote, context throughout)
       LONDON, Feb 4 (Reuters) - 
    Shareholders in two more British investment trusts dealt a
further blow to Saba Capital's campaign to shake up the UK's 269
billion-pound ($334 billion) trust sector on Tuesday, after
rejecting the U.S. activist's proposals.
    Investors in both the Henderson Opportunities Trust  HENT.L 
 and CQS Natural Resources Growth & Income  CYNL.L  rejected
Saba's resolutions to remove several of their board members at
their respective general meetings.
        Hedge fund Saba - run by prominent investor Boaz
Weinstein - is attempting to overhaul seven UK trusts over
performances it has said ranged from "underwhelming" to
"disastrous".
  
        Weinstein 
    previously told Reuters
     he was prepared for the long haul and has vowed to merge
unpopular trusts, buy back shares, and invest in more private
assets.
  
        The proposals were rejected on Tuesday by 65% of votes
cast at the Henderson trust, and by 59% of votes cast at CQS.
Both trusts said that around 99% of non-Saba shareholders
rejected the resolutions.
    They join investors in fellow trusts Baillie Gifford US
Growth  USAB.L , Keystone Positive Change  KPCK.L  and Henderson
Investment Trust  HRI.L  in blocking Saba's proposals.
    Saba was not immediately available for comment.
        The trusts have publicly hit back at Saba in recent
weeks, dubbing its campaign opportunistic and self-serving.    

($1 = 0.8044 pounds)

 (Reporting by Iain Withers, editing by Sinead Cruise and Sharon
Singleton)
 ((Iain.Withers@thomsonreuters.com;))