The independent proxy adviser ISS has published its voting recommendation in relation to the general meeting of The European Smaller Companies Trust (ESCT) in which it recommends that ESCT shareholders VOTE AGAINST ALL of the proposed resolutions that have been put forward by Saba Capital, at the general meeting that is to be held on 5 February 2025 at 12.30pm.

ISS’s recommendation aligns with ESCT’s board’s unanimous recommendation

ISS’s recommendation aligns with the unanimous recommendation from ESCT’s 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 ESCT’s website: www.janushenderson.com/general-meeting-esct/. ISS’s recommendation also aligns with the previous recommendation by its fellow independent proxy adviser Glass Lewis, which also recommended that shareholders vote against all of the resolutions proposed by Saba.

ESCT’s board’s message is clear: Your voice matters – Stand against Saba, Safeguard your investment

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

“Alongside the Glass Lewis recommendation, the independent advice of ISS affirms the views of the Board, which has recommended that shareholders vote against all resolutions proposed by Saba.

“I once again urge all shareholders to exercise their right to vote to ensure their views are fully represented in the final voting numbers.”