Shareholders in two more British investment trusts dealt a further blow to Saba Capital's campaign to shake up the UK's 269 billion-pound ($334 billion) trust sector on Tuesday, after rejecting the U.S. activist's proposals.
Investors in both the Henderson Opportunities Trust (HENT.L) and CQS Natural Resources Growth & Income (CYNL.L) rejected Saba's resolutions to remove several of their board members at their respective general meetings.
Hedge fund Saba - run by prominent investor Boaz Weinstein - is attempting to overhaul seven UK trusts over performances it has said ranged from "underwhelming" to "disastrous".
The proposals were rejected on Tuesday by 65% of votes cast at the Henderson trust, and by 59% of votes cast at CQS. Both trusts said that around 99% of non-Saba shareholders rejected the resolutions.
They join investors in fellow trusts Baillie Gifford US Growth USAB.L, Keystone Positive Change (KPCK.L) and Henderson Investment Trust (HRI.L) in blocking Saba's proposals.
Saba was not immediately available for comment.
The trusts have publicly hit back at Saba in recent weeks, dubbing its campaign opportunistic and self-serving.
($1 = 0.8044 pounds)
