CQS blasts 'wasteful' Saba second general meeting and tells shareholders to take no action

Board ‘disappointed’ by requisition

CQS Natural Resources Growth & Income trust said Saba’s proposal to convene another general meeting is “without merit” and was served without prior engagement from the US-based hedge fund activist.

On Monday (10 February), Saba launched a second campaign against four UK investment trusts – among them CQS – looking to requisition general meetings and propose a transition into "comparable open-ended funds to give shareholders the opportunity to receive long-overdue liquidity at net asset value". In a stock exchange notice today (12 February), CQS's board said the newly served requisition from Saba undermines last week's vote in which the vehicle's non-Saba shareholders decided against Saba's resolutions to replace CQS's board with its own nominees. Saba Capital launches next round...