All three of the major independent proxy advisers – Glass Lewis, ISS and PIRC – have published voting recommendations in relation to Baillie Gifford US Growth Trust’s (USA’s) upcoming requisitioned general meeting in which they all recommend that shareholders VOTE AGAINST ALL of resolutions proposed by Saba Capital. Furthermore, all three of these industry-leading governance experts share the board’s concerns about the future of the company should the proposals put forward by Saba, a US hedge fund manager, be voted through.

These recommendations are in line with the unanimous recommendation of USA’s independent board, which outlined its recommendation to VOTE AGAINST the requisitioned resolutions in the circular posted to shareholders on 6 January 2025. A copy of which is available on the company’s website at bgusgrowthtrust.com.

USA’s board says that Saba is counting on shareholders not voting their shares to give them the best chance of taking effective control of the company and, accordingly, it is very important that all shareholders, irrespective of the number of shares they hold, vote on the requisitioned resolutions as the future of their investment depends on it.

USA’s board reminds shareholders that the deadline for proxy voting closes at 12.00 noon on 30 JANUARY 2025, but deadlines for voting through platforms may be earlier.

It adds that any shareholders needing help or assistance in voting their shares before the deadline should email [email protected] for more information.

Comments from Tom Burnet, chairman of Baillie Gifford US Growth Trust

“Baillie Gifford US Growth is a top performing investment trust with a wholly independent Board, so we are pleased to see that all three major independent voting advisers have agreed with the Board’s unanimous recommendation to VOTE AGAINST the Requisitioned Resolutions. These experts echo the Board’s concerns that Saba’s proposals are inconsistent with the highest standards of corporate governance they claim to represent and present potential material conflicts of interest.

“Saba is counting on other shareholders, and in particular retail investors, not voting their shares to give them the best chance of taking effective control of the investment trusts they’ve requisitioned, including our Company.

“On 22 January, Herald Investment Trust’s shareholders made themselves heard at its Saba-requisitioned General Meeting where 99.8% of the votes cast by non-Saba shareholders voted against the requisitioned resolutions. Our Shareholders, big and small, must also make themselves heard at our Company’s Requisitioned General Meeting – they need to vote against all the resolutions to send a clear message to Saba that their self-serving proposals are unwanted. The voting deadline is approaching on 30 January and we again urge Shareholders to protect their investment by voting against Saba’s destructive proposals.”