Herald pushes for resolution with Saba as activist's shareholding reaches 30%

Engagement attempted

The £1.3bn Herald investment trust (HRI) has pushed for a resolution with the activist hedge fund Saba Capital after it attempted to oust its board earlier this year.

In a stock exchange notice from the trust today (23 July), its chair, Andrew Joy, said "the board would like to find a resolution to the uncertainty caused by Saba's large holding", which has now reached 30% of the company's shares.  Herald shareholders overwhelmingly vote against all eight Saba proposals Herald claimed that its board has "engaged with Saba, whose current intentions remain unclear".  At a general meeting in January requisitioned by the Manhattan hedge fund, shareholders of HRI voted overwhelmingly against Saba's eight proposed resolutions, with 99.78% of non-Saba s...