The board of Herald (HRI) investment trust has characterised Saba Capital Management as ‘opportunistic’ and self-serving as it set a date for shareholders to vote on the US activist’s plans to take control of the £1.2bn listed fund.
In a stock exchange announcement today, chair Andrew Joy warned that the US firm headed by Boaz Weinstein would destroy value for shareholders if it successfully ousts the six-strong board of the technology trust at a meeting on 22 January.
Herald’s response follows the launch of a dramatic campaign by Weinstein’s firm a week before Christmas, demanding general meetings and votes on proposals to replace the boards of seven trusts that Saba argues are underperforming with its own fund managers and nominated directors.
The Herald board is ready to stand their ground as the date for the much-anticipated Saba showdown approaches. With tensions running high and stakes even higher, the board members have vowed to fight back against any attempts to undermine their authority.
The showdown, scheduled for next week, is expected to be a battle of wills between the Herald board and Saba, a rival publication that has been making waves in the industry. Both sides have been engaging in a war of words, with accusations flying back and forth.
But the Herald board is not backing down. They have been preparing for this moment for months, strategizing and planning their moves carefully. They are determined to show Saba that they are a force to be reckoned with.
As the countdown to the showdown begins, tensions are at an all-time high. The industry is buzzing with anticipation, eager to see which publication will come out on top.
Stay tuned for updates on the Herald board’s fight back as they gear up for the ultimate showdown with Saba. It’s sure to be a battle for the ages.
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