An American hedge fund has suffered an initial defeat as it looks to take on seven UK-based investment trusts, with over 99 per cent of votes by other shareholders going against them.
Boaz Weinstein’s Saba Capital, which has stakes of up to £1.5bn invested across the seven trusts and is the largest individual shareholder in each, has called upon the remaining six trusts to “support Saba’s resolutions” to get them back on the “path to meaningful value creation.”
