Overview
- At the Jan. 20 requisitioned meeting, 53.2% of votes cast rejected Saba’s resolutions to overhaul the board.
- Participation topped 70% of share capital, with about 93% of non‑Saba shares voting against the proposals.
- The plan sought to remove six directors and seat three Saba‑backed nominees at the Baillie Gifford‑managed trust.
- Chair Jonathan Simpson‑Dent said the board will pursue its ‘path for growth’ strategy while engaging with Saba, which has lifted its stake to about 30%.
- The decision follows a heated campaign featuring Baillie Gifford’s Stop Saba push and a complaint to the City watchdog, as Saba’s wider UK trust activism continues to face defeats.