HL, the UK’s largest retail investment platform, said that more than 41% of its clients who hold shares in Herald investment trust (HRI) turned out to vote in the first of Saba’s seven attempts to replace the current board of each of the trusts, leading to a defeat for the Manhattan hedge fund.
This figure represents significantly more than previous recent turnouts at other investment trust general meetings. In December, CQS Natural Resources attracted just 10.2% shareholder turnout at a continuation vote it overwhelmingly won, according to the Association of Investment Companies.
He…
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