The independent proxy advisors Glass Lewis and ISS have both published recommendations for shareholders of Henderson Opportunities Trust (HOT) in which they recommend HOT shareholders VOTE AGAINST all of the resolutions put forward by Saba Capital Management at the requisitioned general meeting that is being held on 4 February 2025 at 10am.

HOT’s board’s message is clear: Your vote is critical – Don’t let Saba take unnecessary risks with your money.

Glass Lewis’s read out of Saba’s proposals is damning

Glass Lewis has said “the current campaign is considerably more about obtaining influence than it is about offering shareholders a timely and certain exit” and “Saba’s ability to deliver on an assessment of options to provide shareholders “the opportunity to achieve substantial liquidity near NAV” is, at best, unclear, and is not evidently superior to the evaluation presently being undertaken by the board“.

Both Glass Lewis and ISS recommendations align with that of HOT’s board

Both Glass Lewis and ISS’s recommendations are in line with the unanimous recommendation of HOT’s fully independent board which has previously outlined its recommendation to VOTE AGAINST the proposed resolutions for the reasons set out in the circular posted to shareholders on 8 January 2025.

Comments from Wendy Colquhoun, chairman of HOT

“The Board welcomes the recommendation by Glass Lewis and ISS, the independent proxy advisors, to vote against Saba’s resolutions. Like the Board, both Glass Lewis and ISS can clearly see that Saba’s resolutions are not in shareholders’ best interests – Saba is attempting to take control of the Company with no assurances as to what will happen to shareholders’ investments.

“The Board’s message to shareholders is clear: please exercise your vote and don’t let Saba take unnecessary risks with your money.”

Shareholders beware – Saba’s resolutions only need 50% to pass

HOT’s board notes that Saba’s requisitioned resolutions are each being proposed as ordinary resolutions, which means that they only require more than 50 per cent of the votes cast to be voted in favour in order to pass. Saba has already declared interests in approximately 28.4 per cent. of the company’s issued share capital. Therefore, the board believes that other shareholders representing at least 30 per cent. of the company’s issued share capital are required to VOTE AGAINST the resolutions in order to stop Saba.

How to vote

HOT’s board believes that it is very much in the interests of shareholders to act now in a unified manner to protect their investment in the trust. This will preserve the opportunity for shareholders to elect for a cash exit at NAV and/or rollover their investment into an authorised investment fund managed by Janus Henderson Investors.

Shareholders who hold their ordinary shares through an investment platform or other nominee service are encouraged to contact their investment platform provider or nominee as soon as possible to arrange for votes to be lodged on their behalf. Further information on how to vote through platforms can be found at the following link: www.janushenderson.com/general-meeting-hot.

Shareholders who need further help or assistance in voting their shares should email [email protected] for more information.