Baillie Gifford US Growth Trust rejects Saba's third takeover attempt

Summarised from 2 outlets · Updated 23 Oct, 16:39 · Archive

Shareholders in Baillie Gifford US Growth Trust have voted against hedge fund Saba Capital's attempt to appoint three board nominees.

Shareholders in Baillie Gifford US Growth Trust have rejected Saba Capital's third bid to take control of the £1.1bn investment trust. Saba, led by billionaire Boaz Weinstein and holding 29 per cent of the trust, sought to appoint three directors to the board. With turnout exceeding 82 per cent, 52.8 per cent of votes cast opposed Saba's nominees.

Excluding Saba and its ally Sessa Capital, votes against the resolution reached 99.2 per cent. Trust chair Tom Burnet said the result represented 'clear support' for the current leadership. He argued that 'repeatedly revisiting matters' already decided by shareholders places 'an unnecessary burden on the company, diverting management time and resources' and incurs significant costs.

Saba and Sessa did successfully block two special resolutions on pre-emption rights and share buybacks, both requiring 75 per cent approval but receiving only 63 per cent. Burnet said the trust 'looks forward to working constructively with Saba' and is seeking a long-term solution with its largest shareholder. Baillie Gifford's portfolio includes private company holdings in SpaceX and artificial intelligence firm Anthropic, alongside listed firms such as Nvidia.

How it is being reported

• Baillie Gifford US Growth Trust narrowly defeats Saba’s third oust attemptBaillie Gifford US Growth Trust has survived the third attempt by activist hedge fund Saba Capital to oust its board. Shareholders quashed the efforts of the Boaz Weinstein-run fund to take control of the £1.1bn investment trust by a narrow margin, with 52.8 per cent voting against Saba’s resolution to appoint three of its nominees [...]City AM · 23 Oct, 16:15
• Investors in Baillie Gifford US Growth Trust defeat hedge fund Saba's effort to seize controlSaba, led by Boaz Weinstein, has built up a 29 per cent stake in an attempt to muscle in and set the agenda for the trust's other shareholders.This is Money · 23 Oct, 16:14

In this story: Baillie Gifford US Growth Trust · Saba Capital · Boaz Weinstein · Tom Burnet · James Waterlow · SpaceX · Anthropic · Nvidia

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