ESCT clients approve Saba tender offer with lower turnout than requisition vote

99% in favour but just 57.2% of votes used

Shareholders in Janus Henderson’s European Smaller Companies trust (ESCT) have voted through the proposed tender offer from activist shareholder Saba Capital with 99.2% in favour.

The offer was initially announced back in mid-April after ESCT's board reached a deal with Saba following "mutual talks". Boaz Weinstein's Saba Capital to exit ESCT via tender offer after mutual talks The deal will allow shareholders, including Saba, to exit the trust, which will offer up to 42.5% of its shares to clients. But while the vote had overwhelming support in favour of the motion, just 57.2% of total voting rights were used, a near 20% decrease from the number of votes cast in Saba's original requisitioned meeting vote. Saba withdraws second requisition notice on Europ...