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Saba Capital Launches Campaign to Deliver Value to Shareholders of Seven U.K. Investment Trusts

In This Article:

Requisitions General Meetings of Shareholders of Seven Investment Trusts Currently Managed by Baillie Gifford, Herald Investment Management, Janus Henderson Investors and Manulife | CQS Investment Management

Intends to Reconstitute the Boards with Experienced Directors Who Will "Mind the Gap" Between the Trusts’ Trading Price and Net Asset Value

Details Plan to Quickly Deliver Substantial Liquidity and Long-Term Returns for All Shareholders

Visit www.mindthegap-uktrusts.com to Sign Up for Important Campaign Updates, Meet Saba’s Director Candidates and Learn How to Support Saba’s Resolutions at the General Meetings

NEW YORK, December 19, 2024--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, "Saba" or "we") today announced that it has requisitioned the Boards of Directors (the "Boards") of Baillie Gifford US Growth Trust PLC (USA:LSE), CQS Natural Resources Growth & Income PLC (CYN:LSE), Edinburgh Worldwide Investment Trust PLC (EWI:LSE), European Smaller Companies Trust PLC (ESCT:LSE), Henderson Opportunities Trust PLC (HOT:LSE), Herald Investment Trust PLC (HRI:LSE) and Keystone Positive Change Investment Trust PLC (KPC:LSE) (collectively, the "Trusts") to convene general meetings of shareholders (the "General Meetings") to provide shareholders the opportunity to vote on resolutions to remove the Trusts’ existing directors and appoint highly qualified directors to replace them. Saba is convening the General Meetings because we believe the current Boards of Directors and investment managers have failed to perform versus their benchmarks and have, therefore, required Saba’s investment to narrow the deep trading discounts to net asset value and deliver returns for shareholders.

In connection with its requisitions, Saba today issued the following open letter to its fellow shareholders. For more information on the director candidates and Saba’s plans for the Trusts, including its intent that the current investment managers be replaced, visit: www.mindthegap-uktrusts.com.

LEGAL DISCLAIMER: NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

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18 December 2024

Fellow Shareholders,

On behalf of Saba Capital Management, L.P. (together with certain of its affiliates, "Saba" or "we"), I am writing to inform you that we have requested the Boards of Directors (the "Boards") of seven investment trusts (listed below) convene general meetings (the "General Meetings"). The seven trusts are Baillie Gifford US Growth Trust PLC, CQS Natural Resources Growth & Income PLC, Edinburgh Worldwide Investment Trust PLC, European Smaller Companies Trust PLC, Henderson Opportunities Trust PLC, Herald Investment Trust PLC and Keystone Positive Change Investment Trust PLC (collectively, the "Trusts"). We called these General Meetings because the current Boards have failed to hold the investment managers accountable for the Trusts’ wide trading discounts to net asset value ("NAV") and their inability to deliver sufficient shareholder returns.