Key facts
- Shareholders rejected Saba Capital's attempt to elect three directors with a 52.8% majority vote against.
- Special resolutions on pre-emption rights and market share purchases also failed.
- Excluding Saba and Sessa Capital's votes, 99.2% of other shareholders backed the board.
- Saba Capital holds a 29% stake, with Sessa Capital holding 7.7%.
Baillie Gifford US Growth Trust shareholders have narrowly rejected a third attempt by activist hedge fund Saba Capital Management to gain control of the board. At the trust's AGM in London, 52.8% of votes were cast against Saba's nominees for director positions. Special resolutions concerning the disapplication of pre-emption rights and market purchases of shares also failed to pass, with 36.6% and 36.4% of votes against them respectively. The board noted that excluding the votes from Saba and Sessa Capital, 99.2% of other shareholders' votes aligned with the board's recommendations. The company plans to engage with Saba and Sessa Capital to find a long-term solution. Saba Capital holds a 29% stake, supported by Sessa Capital's 7.7% stake.