Crystal Amber Fund Limited Letter from Saba Capital Management (0801D)
25 June 2021 - 4:00PM
UK Regulatory
TIDMCRS
RNS Number : 0801D
Crystal Amber Fund Limited
25 June 2021
25 June 2021
CRYSTAL AMBER FUND LIMITED
("Crystal Amber Fund" or the "Fund")
Letter from Saba Capital Management, L.P.
At an Extraordinary General Meeting of the Fund held on 30 July
2013 a resolution was passed that following the thirteenth
anniversary of the Company's launch (in 2008), at the Annual
General Meeting to be held in 2021, an Extraordinary Resolution,
that would require a 75 per cent. majority, would be proposed that
the Company continue as constituted ("the Continuation Vote"). If
such a resolution was to be passed, a similar resolution would be
proposed at every second annual general meeting thereafter. If the
resolution were not passed at any of those meetings, the Directors
would be required to formulate proposals to be put to the
shareholders to reorganise, reconstruct, or wind up the
Company.
Yesterday afternoon, a letter was received by the Fund from Saba
Capital Management, L.P. ("Saba"), which holds more than 25 per
cent. of the voting rights of the Fund, to inform the Fund that
Saba will be voting its ordinary shares against the Continuation
Vote and that, accordingly, the Continuation Vote will not
pass.
The Directors expect that the next Annual Meeting of the Fund
will be held at a similar time to the Annual General Meeting held
in 2020, ie in late November 2021.
Following the 2020 Annual General Meeting, the Directors noted
the diversity of voting in respect of certain resolutions including
the continuation of the share buyback authority. Since such time,
the Fund has consulted widely with shareholders and in the light of
the above letter from Saba will continue to do so particularly in
order to formulate proposals to be put to the shareholders to
reorganise, reconstruct, or wind up the Company following the
Continuation Vote not being passed at the next Annual General
Meeting of the Fund.
For further enquiries please contact:
Crystal Amber Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
www.crystalamber.com
Allenby Capital Limited - Nominated Adviser
David Worlidge/Liz Kirchner
Tel: 020 3328 5656
Winterflood Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080
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END
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