Saba’s Tender Proposal of Neuberger Berman’s High Yield Strategies Fund Passes
09 October 2019 - 5:00AM
Business Wire
62% to 38% Vote In Favor of Tender Offer
Neuberger Statement Seeks to Mislead
Shareholders
Saba Capital Management, L.P. and certain investment funds
managed by it (collectively “Saba”) today issued the following
statement regarding its campaign to effect change at the 2019
Annual Meeting of Shareholders (the “Annual Meeting”) of Neuberger
Berman High Yield Strategies Fund Inc. (“NHS” or the “Fund” or
“Neuberger”) (NYSE American: NHS).
In an attempt to mislead the public, Neuberger has declared
“resounding” support from shareholders, if
you don’t count the shareholders who voted against them.
Below are the complete and unadulterated voting results, taken
directly from the report provided to both Saba Capital and
Neuberger by the inspector of elections.
For
Against
Abstain
Terminate the Investment
Management Agreement
6,786,000
4,151,025
503,921
Tender for 100% of Shares
6,758,819
4,194,419
487,709
Saba Capital’s Nominees
Neuberger Bergman’s Nominees
Gabriel
6,210,487
Cosgrove
4,045,146
McGlade
6,210,487
McLean
4,036,627
Lipson
6,207,310
Selp
4,041,771
Saba’s proposal for the NHS board of directors to consider a
tender for 100% of the shares outstanding has passed with
overwhelming support. Saba urges the board to immediately commence
the tender and accept the will of its shareholders. Not doing so
would contradict the very corporate governance principles espoused
by Neuberger itself in their “Governance and Proxy Voting
Guidelines”.
Separately, regarding the election of directors, Boaz Weinstein,
Chief Investment Officer of Saba Capital, said, “Neuberger Berman
has deployed an entrenchment mechanism to manufacture a failed
election. This deprives shareholders of a fundamental right as
owners of an investment company.”
To be clear, Neuberger’s nominees were not elected by the Fund’s
shareholders. The Fund’s voting standard would have required
nominees to receive 9 out of 10 votes cast to be seated. This
voting standard is rarely deployed by investment companies because
it will result in the Fund falling out of compliance with the
Investment Company Act of 1940.
Boaz Weinstein continued, “We would like to express our
gratitude to all shareholders, small and large, who supported us.
It is abhorrent that Neuberger would seek to blatantly mislead
shareholders about the outcome of this important election.”
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in
New York. Launched in 2009, Saba currently manages assets across
three core strategies: Credit Relative Value, Tail Hedge, and
Closed-End Funds.
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