LONDON – Herald Investment Trust PLC has responded publicly to Saba Capital’s recent proposal, highlighting its historical financial performance and questioning the potential impact of Saba’s plan on shareholder value. The response follows Sabina’s statement on January 9, 2025, and comes ahead of a general meeting where shareholders will vote on the matter.
The Herald’s Board highlighted its track record, citing a total return on net asset value (NAV) of 2,611.6% to shareholders from its inception on February 21, 1994 to December 31, 2024. Chairman Andrew Joy noted that since Saba began investing in 2009 .Herald outperformed Saba with a total NAV return of over 865%.
The board expressed concern about Saba’s proposal, which does not guarantee an exit to 99% of the current NAV. Instead, it offers an exit “after at least a year”, during which time Management fears significant value could be lost from the portfolio pending Saba’s known selling interest.
The Herald’s Board actively engaged with shareholders and, contrary to Saba’s implications, did not find shareholder support for Saba to take over management. The Board emphasized the importance of an independent review of such matters, acting in the best interest of all shareholders.
The management recommended to the shareholders to vote against the decisions proposed by Saba at the upcoming general assembly. Further announcements will be made as appropriate.
The information in this article is based on a press release from Herald Investment Trust PLC.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
