16th Apr 2026 18:26
(Alliance News) - Impax Environmental Markets PLC on Thursday said shareholders have approved its proposed exit tender offer, dealing a blow to majority shareholder Saba Capital Management LP.
"Over 99% of IEM's shareholders today voted overwhelmingly in favour of the exit tender offer which will give all our shareholders the opportunity to exit at close to NAV. While the Board firmly believes this is the right outcome, there will be no celebration of today's successful vote as the vast majority of shareholders have long supported IEM and its unique environmental markets mandate," said Chair Glen Suarez.
Shareholders have until 18:00 BST on April 17 to tender their shares. IEM warned this may be "the final opportunity to exit the company at close to NAV."
IEM directors will be tendering all of their own shares.
"Following completion of the tender offer, the board will evaluate the company's position and consider the most appropriate strategy to serve the interests of remaining shareholders," Chair Suarez added.
Last month, New York-based Saba criticised IEM for not agreeing to fund tender costs for all shareholders under the offer.
"It is proof that Impax cares more about protecting its own interests than the best interests of IEM shareholders," Saba said at the time.
Saba accused IEM of no long acting in the best interest of shareholders, pointing to what it called IEM's track record of "investor outflows, losses and mandate terminations".
The company reiterated that its objective has always been to secure the best outcome for IEM shareholders, especially given the company's "massive" 5-year underperformance.
"Because of our efforts, shareholders will have the opportunity to exit their underperforming investment in IEM at close to NAV - something they clearly want," Saba said in March.
Association of Investment Companies Chief Executive Richard Stone praised Thursday's vote.
"Shareholders have backed the board of Impax Environmental Markets, which will give all shareholders the opportunity to escape being trapped in a Saba-controlled vehicle. But it’s infuriating that this is likely to result in the loss of a unique investment trust which nearly nine in ten shareholders backed in a continuation vote last year. Any shareholders who want to exit need to tender their shares immediately, if they haven't already done so.
"The FCA has announced that it is going to review the listing rules, but any changes will be too late to make a difference for this trust. The AIC has put forward suggestions for reform to address gaps that have been exposed by Saba's actions."
IEM shares closed down 3.7% at 433.50 pence each in London on Thursday.
By Aidan Lane, Alliance News reporter
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