Impax Environmental says "take no action" as Saba calls meeting

Fri, 24th Apr 2026 14:30

(Alliance News) - Impax Environmental Markets PLC on Friday advised shareholders "take no action", as it noted a meeting requisitioned on behalf of activist investor Saba Capital Management LP.

IEM is a London-based investor in companies it sees enabling the cleaner delivery of basic needs or mitigating environmental risks such as pollution and climate change.

It acknowledged that it had received a notice from Citibank NA London Branch, as custodian for Jefferies LLC, which is acting on behalf of Saba, requesting a general meeting. This concerns resolutions Saba has proposed to remove IEM's current board and appoint its nominees instead. Saba has proposed electing Caroline Bault, Steven Grey, Jason Chen and Aaron Morris as new directors.

"The board is reviewing the notice of requisition and advises that shareholders in the company take no action and await a further announcement from the company that will be made in due course," IEM said on Friday.

Impax Environmental shares were down 0.8% to 439.32 pence on Friday afternoon in London, having risen 29% over the past year and fallen 6.7% over the past five years.

New York-based hedge fund Saba on Tuesday had called for IEM's board to step down, following an exit tender which attracted 78% of shares.

IEM said it it believed that Saba had tendered the majority, if not all of its stake. Saba had reported that its post-tender holding in IEM was around 29.9%, while IEM had said Saba's stake was "difficult to determine".

"The board acknowledges the likelihood of Saba having effective control of the company following the completion of the exit tender offer, and as such, will constructively engage with Saba," IEM noted earlier this week.

For its part, Saba has expressed disappointment with IEM's performance, in a similar vein to its activism at other London-listed funds such as Edinburgh Worldwide Investment Trust PLC.

By Holly Munks, Alliance News reporter

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