Edinburgh Worldwide votes and Saba shifts its investment trust strategy: live updates

The 'Saba Seven' votes have all been cast, with Edinburgh Worldwide the latest to decisively reject the hedge fund's investment trust proposals

Summary

  • Edinburgh Worldwide the last of the Saba seven to vote on initial proposals.
  • Edinburgh shareholders have decisively rejected Saba's plans.
  • Saba has lost seven votes in a row as investment trust shareholders soundly reject its proposals.
  • In the first six votes, less than 2% of independent shareholders voted in line with Saba.
  • The investment trusts involved, as well as industry experts, have called Saba’s proposals “self-interested” and accused the hedge fund of attempting a power-grab.
  • Saba has now announced a new strategy: it wants to convert four investment trusts into open-ended funds.
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Good morning, and welcome to our live blog following a crucial week for the UK’s investment trust industry.

The Saba saga so far

When are investment trust general meetings taking place?

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Investment trust

General meeting date

Baillie Gifford US Growth

3 February 2025 – 12 noon

CQS Natural Resources Growth & Income

4 February 2025 – 11am

Edinburgh Worldwide

14 February 2025 –11.45am

The European Smaller Companies Trust

5 February 2025 – 12.30pm

Henderson Opportunities Trust

4 February 2025 – 10 am

Keystone Positive Change

3 February 2025 – 12 noon

AIC: Saba proposals would radically change investment trusts

When will we know the results of the voting?

Saba proposals bring proxy voters out in record numbers

AJ Bell also sees huge proxy turnout

BREAKING: Baillie Gifford US Growth Trust shareholders reject Saba proposals

Baillie Gifford US Growth vote: Saba soundly beaten

BREAKING: Keystone shareholders reject Saba proposals

Keystone shareholders overwhelmingly oppose Saba’s proposals

A victory for shareholder democracy

Edinburgh Worldwide chair encourages shareholders to vote

Thanks for joining us today to cover the unfolding saga as Saba is defeated in another two votes on its attempts to displace investment trust boards.

Good morning, and welcome back to our live coverage as two more investment trusts vote on proposals from New York hedge fund Saba Capital to displace their boards and replace them with its own appointees.

Interactive Investor sees proxy voting surge for Saba general meetings

BREAKING: Henderson Opportunities Trust shareholders reject Saba's proposals

Another big defeat for Saba

Liquidity options now key for Henderson Opportunities Trust

BREAKING: CQS Natural Resources becomes fifth trust to defeat Saba in vote

CQS Natural Resources shareholders reject Saba’s proposals

AIC comments on Saba investment trust votes

Five down, two to go

Thanks for joining us again today. That's everything for now. Join us again tomorrow, as the European Smaller Companies Trust becomes the fifth investment trust this week to vote on Saba's proposals.

European Smaller Companies Trust votes today

When does the European Smaller Companies Trust vote take place?

BREAKING: European Smaller Companies Trust defeats Saba

Six (heavy) defeats in a row for Saba

AIC: shareholders value investment trusts

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Platform deadlines for Edinburgh Worldwide

Investment trust

Date of general meeting

AJ Bellvoting deadline*

Hargreaves Lansdown voting deadline

Interactive Investorvoting deadline

Edinburgh Worldwide

14/02/2025

10/02/2025

10/02/2025

11/02/2025

Lack of clarity scuppers Saba's proposals

Thanks for following our live blog this week as five investment trusts have decisively voted against Saba's proposals. Saba itself is yet to respond to any of this week's votes.

One final post to leave you with: a quick summary of the percentage of the votes case that went for and against Saba's proposals:

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Investment trusts votes on Saba proposals

Investment trust

Votes cast for Saba's proposals

Votes cast against Saba's proposals

Herald Investment Trust

34.9%

65.1%

Baillie Gifford US Growth

34.4%

65.6%

Keystone Positive Change

39.5%

60.5%

CQS Natural Resources Growth & Income

40.9%

59.1%

Henderson Opportunities Trust

34.4%

65.6%

The European Smaller Companies Trust

37.9%

62.1%

The Saba saga continues

Which four investment trusts is Saba targeting now?

How might Saba’s new proposals work?

CYN responds

That's everything from us for this evening, but join us again tomorrow, as this story is clearly far from over. We'll keep you updated as the Saba saga continues.

Good morning, and welcome back to our live blog covering the latest developments in Saba's attempts to influence the governance and strategy of UK investment trusts.

Why open-ended funds?

What’s the problem with discounts?

The day ahead: Edinburgh Worldwide votes

When is the Edinburgh Worldwide vote?

What has Edinburgh Worldwide said about Saba proposals?

BREAKING: EDINBURGH WORLDWIDE DEFEATS SABA

Seven out of seven: Edinburgh Worldwide votes against Saba proposals

AIC comments on Edinburgh Worldwide vote: "End of round one"

Thank you for following our live blog so far. We'll be back next week to cover the next steps in the Saba saga, as the focus turns from the boards of the trusts to their categorisation.