Two UK investment trusts have hit back at US activist investor Boaz Weinstein, who last month called on trusts’ shareholders to overhaul their boards and install his hedge fund as the investment manager. The board of the Keystone Positive Change trust said on Monday that it was “appalled” by Saba Capital’s approach and warned that the US hedge fund was “acting opportunistically, seeking to seize control of the board without a controlling shareholding, to pursue its own agenda”.
The board of Keystone, which is managed by Baillie Gifford, said: “We believe Saba’s plan lacks transparency, would flagrantly disregard good governance and may introduce substantially inflated fees. The proposed resolutions are not in the best interest of all shareholders and create significant uncertainty. “Given Saba’s considerable voting position, every vote against its resolutions is vital. We strongly urge all shareholders to vote against all resolutions — a high turnout is critical.
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Activist Investor Calls for Board Overhauls at Seven UK Investment TrustsBoaz Weinstein, founder of Saba Capital, is urging shareholders in seven UK investment trusts to replace their boards due to poor performance. Weinstein argues that existing boards haven't held investment managers accountable for inadequate returns. Saba Capital, the largest shareholder in each trust, plans to propose two new directors on each fund's board, including Weinstein himself. If the resolutions are passed, Saba aims to become the new manager of these trusts.
Sumber: ftenergy - 🏆 47. / 63 Baca lebih lajut »
Boaz Weinstein takes aim at seven UK investment trustsUS hedge fund trader cites poor performance and outlines plans to put forward his firm Saba as new manager
Sumber: FT - 🏆 113. / 51 Baca lebih lajut »
UK Investment Trusts Face Fee Pressure Amid Shareholder UnrestGreencoat UK Wind's decision to calculate fees based on the lower of market capitalization or net asset value could trigger changes across the UK's investment trust sector, potentially leading to significant fee reductions and addressing shareholder concerns.
Sumber: FT - 🏆 113. / 51 Baca lebih lajut »
UK Investment Trusts Face Pressure to Change Fee CalculationInvestment trusts in the UK are facing calls for change in how they calculate management fees, potentially leading to significant reductions. Greencoat UK Wind's recent decision to use a lower of market capitalisation or net asset value formula could set a precedent for other trusts, impacting management fee revenues by an estimated 30 percent. This follows a period of shareholder unrest due to share prices trailing net asset values, leading to discounts of up to 15 percent.
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