economy
Boaz Weinstein’s Saba pauses activism against 9 UK funds after Herald deal
Saba Capital, the hedge fund led by Boaz Weinstein, has agreed to a three-year pause to its activist campaign against nine London-listed funds
TL;DR
- Saba Capital will pause its activist campaign against up to nine London-listed funds for three years.
- Herald Investment Trust will conduct a tender offer for up to 66% of its share capital, allowing investors to sell at near net asset value.
- Stewardship of Herald Investment Trust will be transferred to Aberdeen Investments later this year.
- Saba Capital has agreed to a three-year standstill agreement regarding Herald and potentially eight other London-listed Aberdeen investment trusts.
- Saba views this as its sixth successful outcome out of seven U.K. campaigns.
- Herald Investment Trust currently trades at a discount to its net asset value, but this discount has narrowed significantly.