Herald Investment Trust PLC - London-based investment trust focused on technology, media and communications - Shareholders at the annual general meeting on Monday vote for continuation of the trust, having previously rejected an attempt by activist investor Saba Capital Management LP to remove the entire board. The continuation resolution passes with 65% of the vote at the meeting. Similar percentages support the re-election of directors. The Herald board says it believes that 99.9% of all votes not cast by Saba, or on behalf of Saba, support continuation.
Back in January, at a general meeting requisitioned by the New York-based hedge fund manager, Herald shareholders had rejected Saba’s proposals, which were similar to those made for six other London-listed investment trusts in which it is a shareholder.
‘I am pleased that shareholders have again made clear that they wish Herald to continue in its current format,’ says Herald Chair Andrew Joy.
Current stock price: 2,100.00 pence, up 0.5% in London on Tuesday
12-month change: down 0.2%
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