29th Jan 2025 09:01
(Alliance News) - European Smaller Companies Trust PLC on Tuesday said an independent advisor supported the board's opposition to Saba Capital Management LP's plans for a board reshuffle.
The London-based investor in smaller European firms noted that proxy advisor ISS, after being consulted by ESCT, recommended shareholders vote against proposals by the New York-based hedge fund to replace ESCT's board with Saba nominees.
The advice joins that of voting consultants Glass, Lewis & Co, which on Thursday also suggested ESCT reject Saba's proposals.
Saba in December announced proposals to change board leadership at seven investment firms in which it holds interest, in an effort to address share price discounts.
ESCT earlier in January described Saba as "opportunistic" and disputed the suggestion its shares were underperforming.
ESCT's net asset value per share was 201.01 pence each at June 30, up from 184.26 pence the year prior. The trust's shares were up 0.4% at 176.10 pence each on Wednesday morning in London.
Keystone Positive Change Investment Trust PLC, which shares ESCT's fund manager Janus Henderson, on Friday noted the same recommendation from the ISS against Saba.
ESCT shareholders will vote on the hedge fund's proposals on February 5.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.