Details the Need for Shareholder-Driven Change
Due to the Trusts’ Significant Discounts to NAV and
Underperformance Versus Benchmarks Under Current Leadership
Highlights the Opportunity for Shareholders to
Reconstitute the Trusts’ Boards with New, Highly Qualified
Directors Who Are Committed to Addressing the Trusts’ Discounts and
Bolstering Governance
Visit www.mindthegap-uktrusts.com to Download
the Presentation and Learn How to Vote FOR Saba’s Resolutions Ahead of the General
Meetings
Saba Capital Management, L.P. (together with certain of its
affiliates, “Saba” or “we”), today issued a presentation outlining
its plan to deliver shareholder value at seven U.K. investment
trusts: Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural
Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide
Investment Trust PLC (EWI:LSE), European Smaller Companies Trust
PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald
Investment Trust PLC (HRI:LSE) and Keystone Positive Change
Investment Trust PLC (KPC:LSE) (collectively, the “Trusts”). The
presentation can be viewed here.
***
As a reminder, Saba has requisitioned General
Meetings of these seven Trusts to provide shareholders the
opportunity to vote on resolutions to remove the Trusts’ existing
directors and appoint highly qualified directors to replace them.1
Saba is convening the General Meetings because we believe the
current Boards and investment managers have failed to perform
versus their benchmarks, resulting in deep trading discounts to net
asset value, which we believe have only recently narrowed as a
result of Saba’s investment.
Six of the seven Trusts have scheduled their
Requisitioned General Meetings:
HRI: 22 January 2025 at 12p.m. GMT
USA: 3 February 2025 at 12p.m. GMT
KPC: 3 February 2025 at 12p.m. GMT
CYN: 4 February 2025 at 11a.m. GMT
HOT: 4 February 2025 at 10a.m. GMT
ESCT: 5 February 2025 at 12:30p.m.
GMT
Note: The voting
deadlines for each Trust will be earlier than the dates of the
General Meetings.
To learn how to vote FOR Saba’s
resolutions at each Trust visit,
https://www.mindthegap-uktrusts.com/meeting-information
***
About Saba
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of clients. Founded in 2009 by Boaz
Weinstein, Saba is a pioneer of credit relative value strategies
and capital structure arbitrage. Saba has offices in New York City
and London. Learn more at www.sabacapital.com.
DISCLAIMER
Saba Capital Management, L.P. (“Saba”) is publishing this
announcement solely for the information of other shareholders in
each of Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural
Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide
Investment Trust PLC (EWI:LSE), European Smaller Companies Trust
PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald
Investment Trust PLC (HRI:LSE) and Keystone Positive Change
Investment Trust PLC (KPC:LSE) (the “Trusts”). This
announcement is not intended to be and does not constitute or
contain any investment recommendation as defined by Regulation (EU)
No 596/2014 (as it forms part of the domestic law in the United
Kingdom by virtue of the European Union (Withdrawal) Act 2018). No
information in this announcement should be construed as
recommending or suggesting an investment strategy. Nothing in this
announcement or in any related materials is a statement of or
indicates or implies any specific or probable value outcome in any
particular circumstance. This announcement is provided merely for
general informational purposes and is not intended to be, nor
should it be construed as (1) investment, financial, tax or legal
advice, or (2) a recommendation to buy, sell or hold any security
or other investment, or to pursue any investment style or strategy.
Neither the information nor any opinion contained in this
announcement constitutes an inducement or offer to purchase or sell
or a solicitation of an offer to purchase or sell any securities or
other investments in the Trusts or any other trust by Saba or any
of its affiliates in any jurisdiction. This announcement does not
consider the investment objective, financial situation, suitability
or the particular need or circumstances of any specific individual
who may access or review this announcement and may not be taken as
advice on the merits of any investment decision. This announcement
is not intended to provide the sole basis for evaluation of, and
does not purport to contain all information that may be required
with respect to, any potential investment in the Trusts. Any person
who is in any doubt about the matters to which this announcement
relates should consult an authorised financial adviser or other
person authorised under the UK Financial Services and Markets Act
2000. To the best of Saba’s ability and belief, all information
contained herein is accurate and reliable, and has been obtained
from public sources that Saba believes to be accurate and reliable.
However, such information is presented “as is”, without warranty of
any kind, whether express or implied, and Saba has not
independently verified the data contained therein. All expressions
of opinion are subject to change without notice, and Saba does not
undertake to update or supplement any of the information, analysis
and opinion contained herein.
The reference herein to CEFS (and Saba as its portfolio manager)
is solely provided for context in discussing the proposals related
to the Trusts and is not intended to be, nor is it, an offer to
sell interests of that fund or any other Saba-managed or subadvised
vehicle.
Saba may continue transacting in the shares and securities of
the Trusts, and/or derivatives referenced to them (which may
include those providing long and short economic exposure) for an
indefinite period following the date of this announcement and may
increase or decrease its interests in such shares, securities
and/or derivatives at any time.
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements
and information that are based on Saba’s beliefs, as well as
assumptions made by, and information currently available to, Saba.
These statements include, but are not limited to, statements about
strategies, plans, objectives, expectations, intentions,
expenditures and assumptions and other statements that are not
historical facts. When used herein, words such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan” and “project” and
similar expressions (or their negative) are intended to identify
forward-looking statements. These statements reflect Saba’s current
views with respect to future events, are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict. Further, certain forward-looking statements are based
upon assumptions as to future events that may not prove to be
accurate. Actual results, performance or achievements may vary
materially and adversely from those described herein. There is no
assurance or guarantee with respect to the prices at which any
securities of the Trusts or any other trust will trade, and such
securities may not trade at prices that may be implied herein. Any
estimates, projections or potential impact of the opportunities
identified by Saba herein are based on assumptions that Saba
believes to be reasonable as of the date hereof, but there can be
no assurance or guarantee that actual results or performance will
not differ, and such differences may be material and adverse. No
representation or warranty, express or implied, is given by Saba or
any of its officers, employees or agents as to the achievement or
reasonableness of, and no reliance should be placed on, any
projections, estimates, forecasts, targets, prospects or returns
contained herein. Neither Saba nor any of its directors, officers,
employees, advisers or representatives shall have any liability
whatsoever (for negligence or misrepresentation or in tort or under
contract or otherwise) for any loss howsoever arising from any use
of information presented in this announcement or otherwise arising
in connection with this announcement. Any historical financial
information, projections, estimates, forecasts, targets, prospects
or returns contained herein are not necessarily a reliable
indicator of future performance. Nothing in this announcement
should be relied upon as a promise or representation as to the
future. Nothing in this announcement should be considered as a
profit forecast.
PERMITTED RECIPIENTS
In relation to the United Kingdom, this announcement is being
issued only to, and is directed only at, (i) investment
professionals specified in Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 as amended
(the “Order”), (ii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within
Article 49(2)(a) to (d) of the Order and (iii) persons to whom an
invitation or inducement to engage in investment activity (within
the meaning of section 21 of the Financial Services and Markets Act
2000) in connection with the issue or sale of any securities of the
Trusts or any member of their respective groups may otherwise
lawfully be communicated or caused to be communicated (all such
persons together being referred to as “Permitted
Recipients”). Persons who are not Permitted Recipients must not
act or rely on the information contained in this announcement.
DISTRIBUTION
Not for release, publication or distribution, in whole or in
part, directly or indirectly, in, into or from any jurisdiction
where to do so would constitute a violation of the relevant laws of
that jurisdiction. The distribution of this announcement in certain
countries may be restricted by law and persons who access it are
required to inform themselves and to comply with any such
restrictions. Saba disclaims all responsibility where persons
access this announcement in breach of any law or regulation in the
country of which that person is a citizen or in which that person
is residing or is domiciled.
1 For USA, there will be a third resolution to reduce the
minimum permitted board size from three to two directors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250115406034/en/
Investor Alliance Advisors
Timothy Marshall / Adam Riches, 0800-102-6570
saba@allianceadvisors.com Media
Longacre Square Partners Charlotte Kiaie / Kate Sylvester,
+1-646-386-0091 ckiaie@longacresquare.com /
ksylvester@longacresquare.com
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