The independent proxy adviser, Glass Lewis, has published a voting recommendation in relation to The European Smaller Companies Trust’s upcoming requisitioned general meeting in which it recommends that shareholders VOTE AGAINST ALL of resolutions proposed by Saba Capital. So far, all of the recommendations that have been issued by all of the independent proxy advisers in relation to the requisitioned general meetings for the seven trusts that Saba has launched its attack against have recommended that shareholders in these trusts vote against Saba’s proposals.

Glass Lewis’s recommendation for ESCT is in line with the unanimous recommendation of the board which has previously encouraged shareholders to VOTE AGAINST ALL resolutions proposed at the requisitioned general meeting for the reasons set out in the circular posted to shareholders on 8 January 2025 and available on the company’s website here:  www.janushenderson.com/general-meeting-esct/

ESCT’s board’s message is “YOUR VOICE MATTERS: STAND AGAINST SABA, SAFEGUARD YOUR INVESTMENT”

Comments from James Williams, chairman of The European Smaller Companies Trust

“The independent advice of Glass Lewis affirms the views of the Board, which has recommended that shareholders vote against all resolutions proposed by Saba. The Board urges all shareholders to exercise their right to vote to ensure their views are fully represented in the final voting numbers.“