RE: Bullish Cavendish comments, 26p target10 Feb 2025 10:07
Henderson Opportunities to Restructure
At Henderson Opportunities, 65.36% of the total votes cast were against the resolutions. Excluding the votes Saba cast in favor of its own resolutions, approximately 33.66% of the votes cast and 24.71% of the company’s total voting rights, only a further 0.98% of the votes cast and 0.72% of the company’s total voting rights, voted in favor of the resolutions.
Wendy Colquhoun, chair of Henderson Opportunities, says the result shows that shareholders do not want to be part of a Saba-managed vehicle, but instead want to be able to “retain full choice over what happens to their investment.”
The trust announced in December 2024 that it intends to offer shareholders a choice between ongoing alternative investment and/or a full cash exit at net asset value, and published details on its plans on Feb. 3.
Under the terms of the scheme, shareholders will be offered the opportunity for a tax-efficient rollover of their investment at residual NAV into Janus Henderson UK Equity Income & Growth Fund, a sub-fund of Janus Henderson UK & Europe Funds, or to receive cash—or a combination of both. For the trust to reconstruct, 75% of shareholders voting would need to vote for the resolutions by the first scheme general meeting at 9 a.m. on Feb. 19—however, this deadline might be sooner on investment platforms.
Colquhoun adds: “As part of its campaign, Saba has publicly stated its aim to deliver substantial liquidity options to all shareholders. The scheme proposed by the board is designed to achieve this. The board therefore calls on Saba to respect the decision made by the company’s shareholders at today’s meeting and support the scheme of reconstruction.”
https://www.morningstar.co.uk/uk/news/260285/uk-investment-trusts-vs-saba-capital-6-0-.aspx
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