IN BRIEF: Baillie advisers recommend voting no on Saba resolutions
Baillie Gifford US Growth Trust PLC - US growth stock-focused investment trust, whose investees include Space Exploration Technologies Corp - Says voting experts Glass Lewis, Institutional Shareholder Services Inc and Pensions & Investment Research Consultants Ltd recommend shareholders vote against three resolutions proposed by activist investor Saba Capital Management LP at its general meeting on October 23. Saba holds nearly 30% of Baillie. The activist investor's resolutions are to appoint as directors representatives Jason Chen and Thomas McGlade, as well as UK managing director James Waterlow. In late September, the Association of Investment Companies warned that Baillie shareholders must "make their voices heard" at the meeting if they wish to stop Saba from taking control. Baillie's experts advise shareholders to vote in favour of four resolutions to reappoint existing directors. Last week, Sky News reported that Baillie Chair Tom Burnet wrote to Douglas Alexander, secretary of state for Scotland, and City Minister Lucy Rigby, "urging [them] to plead for an overhaul of the City rulebook," as it confronts what he calls the "threat" from Saba against it and the wider UK investment trust sector. Read More