REG - Henderson Opport Tst - Glass Lewis/ISS recommend vote AGAINST resolutions

Henderson Opportunities TrustAnnouncement

24/01/2025 15:15

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:nRSX6703Ua&default-theme=true

RNS Number : 6703U  Henderson Opportunities Trust PLC  24 January 2025

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

 

HENDERSON OPPORTUNITIES TRUST PLC

 

LEGAL ENTITY INDENTIFIER (LEI):  2138005D884NPGHFQS77

 

24 January 2025

Henderson Opportunities Trust plc

Glass Lewis and ISS recommend shareholders vote "AGAINST" the Requisitioned
Resolutions

The Board of Henderson Opportunities Trust plc (the "Company") notes the
publication of the voting recommendations from Glass Lewis and ISS, the
independent proxy advisors, in relation to the Company's general meeting to be
held on 4 February 2025 at 10.00 a.m. (the "Requisitioned General Meeting").

Both Glass Lewis and ISS recommend that Shareholders vote "AGAINST" all the
proposed Resolutions at the Requisitioned General Meeting on 4 February 2025.

Glass Lewis has said "the current campaign is considerably more about
obtaining influence than it is about offering shareholders a timely and
certain exit" and "Saba's ability to deliver on an assessment of options to
provide shareholders "the opportunity to achieve substantial liquidity near
NAV" is, at best, unclear, and is not evidently superior to the evaluation
presently being undertaken by the board".

Both of these recommendations are in line with the unanimous recommendation of
the Company's fully independent Board which has previously outlined its
recommendation to VOTE AGAINST the proposed Resolutions for the reasons set
out in the Circular posted to Shareholders on 8 January 2025 and available on
the Company's website at www.janushenderson.com/general-meeting-hot
(http://www.janushenderson.com/general-meeting-hot) .

Wendy Colquhoun, Chairman of Henderson Opportunities Trust plc, said:

"The Board welcomes the recommendation by Glass Lewis and ISS, the independent
proxy advisors, to vote against Saba's resolutions. Like the Board, both Glass
Lewis and ISS can clearly see that Saba's resolutions are not in shareholders'
best interests - Saba is attempting to take control of the Company with no
assurances as to what will happen to shareholders' investments.

The Board's message to shareholders is clear: please exercise your vote and
don't let Saba take unnecessary risks with your money."

YOUR VOTE IS CRITICAL - DON'T LET SABA TAKE UNNECESSARY RISKS WITH YOUR MONEY.

The Resolutions are each being proposed as ordinary resolutions. This means
that they only require more than 50 per cent of the votes cast to be voted in
favour in order to pass. Saba has already declared interests in approximately
28.4 per cent. of the Company's issued share capital. Therefore, the Board
believes that other shareholders representing at least 30 per cent. of the
Company's issued share capital are required to VOTE AGAINST the Resolutions in
order to stop Saba.

HOW TO VOTE

The Board believes that it is very much in the interests of shareholders to
act now in a unified manner to protect their investment in the Company. This
will preserve the opportunity for shareholders to elect for a cash exit at NAV
and/or rollover their investment into an authorised investment fund managed by
Janus Henderson Investors.

Shareholders who hold their ordinary shares through an investment platform or
other nominee service are encouraged to contact their investment platform
provider or nominee as soon as possible to arrange for votes to be lodged on
their behalf. Further information on how to vote through platforms can be
found at the following link: www.janushenderson.com/general-meeting-hot
(http://www.janushenderson.com/general-meeting-hot) .

Shareholders who need further help or assistance in voting their shares should
email HOT@georgeson.com (mailto:HOT@georgeson.com) for more information.

For further information please contact:

 Henderson Opportunities Trust plc                via Edelman Smithfield
 Wendy Colquhoun (Chairman)

 Edelman Smithfield (Media enquiries)             +44 (0)7785 275665 / +44 (0)7950 671 948
 John Kiely/ Latika Shah
 J.P. Morgan Cazenove (Financial Adviser)         +44 (0)20 3493 8000
 William Simmonds / Rupert Budge

 Janus Henderson (Investment Manager)             +44 (0)20 7818 1818
 Dan Howe, Head of Investment Trusts

 Janus Henderson Secretarial Services UK Limited   +44 (0)20 7818 1818

 Corporate Secretary to the Company

 

Unless the context provides otherwise, words and expressions defined in the
Circular shall have the same meanings in this announcement.

 

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  UPDBIMATMTMTBMA