Keystone Positive Change says that at its general meeting, over 60% of the votes cast were against Saba’s requisitioned resolutions. Excluding the votes Saba cast in favour of its own requisitioned resolutions (representing 1,650,762 votes and approximately 38.87% of the votes cast), only a further 33,845 votes, representing just 0.80% of the votes cast, were voted in favour of the requisitioned resolution.

Karen Brade, chair of Keystone Positive Change Investment Trust, said:  “I would like to thank all the shareholders who stood up to vote in support of the board’s recommendation. Of the votes cast, nearly 99% of the non-Saba shareholders rejected its proposals.

Now our focus returns to delivering the proposed scheme that offers an uncapped cash exit and/or a rollover into a more liquid fund with a similar global impact strategy. We are confident that this remains in the best interests of shareholders.

The board intends to re-engage with stakeholders without delay in order to implement this scheme as soon as practicable.”

[This was always the most bizarre of Saba’s targets – why would an activist claiming to be acting in investors’ best interests seek to block a cash exit. The optics were dreadful and made us question from the start whether Saba really knew what it was doing. Three down, four to go!]

KPC : Saba loses Keystone Positive change too!