CQS blasts 'wasteful' Saba second general meeting and tells shareholders to take no action

Trust's board ‘disappointed’ by requisition

Sorin Dojan
clock • 2 min read

CQS Natural Resources Growth & Income trust said Saba’s proposal to convene another general meeting is “without merit” and comes without prior engagement from the US-based hedge fund activist.

On Monday (10 February), Saba launched a second campaign against four UK investment trusts – among them CQS – looking to requisition general meetings and propose a transition into "comparable open-ended funds to give shareholders the opportunity to receive long-overdue liquidity at net asset value". In a stock exchange notice today (12 February), CQS's board said the newly served requisition from Saba undermines last week's vote in which the vehicle's non-Saba shareholders decided against Saba's resolutions to replace CQS's board with its own nominees. It added that following the reje...

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