Shareholders of Janus Henderson’s European Smaller Companies trust (ESCT) have voted against the proposed changes to oust its board by US activist hedge fund Saba Capital in the sixth of seven general meetings.
Almost two-thirds (62.1%) of the votes cast were against the resolutions, with 99.5% of non-Saba votes in favour of board continuity. ESCT chair James Williams said: "Today's (5 February) vote is a clear and complete rejection of Saba's proposals and a resounding endorsement of ESCT's proven investment strategy, the quality of its independent board and the manager's ability to deliver outperformance." He continued: "Our shareholders have spoken loudly and clearly with 99.5% of votes cast by shareholders, other than Saba, voting against the resolutions." Williams also thanked ESCT's...
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