Voya Prime Rate Trust Shareholders Elect Full Slate of Saba Capital Nominees to the Board
15 July 2020 - 6:00AM
Business Wire
Shareholders Also Vote in Favor of
Non-Binding Tender for 40% of Shares Outstanding
Saba Capital Management, L.P. and certain associated parties
(collectively “Saba”) today announced that Voya Prime Rate Trust
(NYSE: PPR) shareholders have elected all eight of Saba’s nominees
– Aditya Bindal, Peter Borish, Karen Caldwell, Charles Clarvit,
Ketu Desai, Kieran Goodwin, Andrew Kellerman and Neal Neilinger –
to the Board of Trustees (the “Board”), thereby replacing the full
Board. Additionally, shareholders voted in favor of Saba’s
non-binding proposal to tender 40% of PPR shares outstanding.
These results have been certified by the independent Inspector
of Election for the Voya Prime Rate Trust 2020 Annual Meeting of
Shareholders.
Pierre Weinstein, Partner of Saba, said, “We are pleased that
our fellow shareholders recognize that change is required at PPR to
protect and enhance the value of their investments. Through the
election of all of Saba’s qualified, independent Trustees and the
passage of our proposed non-binding tender offer, PPR investors
have clearly voiced their desire for proper oversight, diverse
perspectives, and, importantly, a narrowing in PPR’s discount to
NAV.
“That this victory comes after an attempt to change the voting
standard – which resulted in litigation that Saba won and PPR has
since twice appealed – is evidence of the lengths closed-end fund
boards will go to entrench themselves, and the efforts Saba will
take to uphold good governance. We thank all shareholders for their
support.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200714005926/en/
Investors Leah Jordan Investor Relations
Leah.Jordan@sabacapital.com Media Jonathan Gasthalter/Amanda
Klein Gasthalter & Co. (212) 257-4170
Voya Prime Rate (NYSE:PPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Voya Prime Rate (NYSE:PPR)
Historical Stock Chart
From Jul 2023 to Jul 2024