25th Jun 2021 18:17
(Alliance News) - Crystal Amber Fund Ltd said Friday shareholder Saba Capital Management LP will vote against continuation of the AIM-listed activist fund.
At an extraordinary general meeting of the fund held in July 2013, a resolution was passed for a vote to be held at the 2021 annual general meeting requiring a 75% majority of votes to be cast in favour of the company continuing in its present form.
Crystal Amber said that on Thursday a letter was received from Saba, which holds more than 25% in Crystal Amber, to inform that Saba will be voting against the continuation vote and that, accordingly, the vote will not pass.
The directors expect that the next AGM will be held at a similar time to the meeting held in 2020 - in late November 2021.
Crystal Amber said its directors are mulling proposals to reorganise, reconstruct or wind up the company, as required, if the continuity vote isn't passed.
"Following the 2020 annual general meeting, the directors noted the diversity of voting in respect of certain resolutions including the continuation of the share buyback authority. Since such time, the fund has consulted widely with shareholders and in the light of the above letter from Saba will continue to do so particularly in order to formulate proposals to be put to the shareholders to reorganise, reconstruct, or wind up the company following the continuation vote not being passed at the next AGM of the fund," Crystal Amber said.
The stock closed up 4.5% at 106.56 pence on Friday.
By Arvind Bhunjun; [email protected]
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