Shareholders of Herald investment trust (HRI) have voted heavily against Saba Capital's eight proposed resolutions at the first of seven requisitioned general meetings to vote on the changes put forward by the US activist hedge fund.
Over two thirds (65.1)% of the total votes were cast against the requisitioned resolutions. The votes against totalled more than 26.4 million and represented a majority of the company's total voting rights, according to a London Stock Exchange notice. Almost all non-Saba shareholders (99.78%) voted against Saba's proposals, representing a "clear, complete and incontrovertible rebuttal" of Saba's resolutions, according to HRI chair Andrew Joy. Excluding the votes Saba cast in favour of their own changes, worth 14.1 million votes, representing approximately 34.75% of the votes cast, jus...
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