Henderson Opportunities wins but wind up still looms
Henderson Opportunities is the latest trust to announce that it has successfully fought off the attack by Saba. In this trust’s case, the voting was 65.36% against Saba’s proposals. Just 284,248 shares or 0.72% of the trust’s shares in issue were voted alongside Saba.
The turnout was 73.4%, with 28,985,426 of 39,491,875 shares voting.
On 29 January, Saba announced that it owned 11,491,437 shares or 29.098% of HOT. It does not seem to have voted all of them. It only voted 9.76m shares or 24.71% of the voting rights.
As promised, Henderson Opportunities published its proposals for a reconstruction and voluntary winding up yesterday. So, once consent has been given by shareholders at another meeting planned for 21 February, the focus will be on implementing the scheme.
[Saba still has sufficient votes to disrupt the company’s plans but it would be nonsensical of it to do so. This is the second time that Saba seems to have voted fewer shares than expected. I am starting to wonder if it had already started selling them before the meeting in expectation that it was going to lose. Given the consistent pattern of rejecting Saba’s proposals, it would perhaps be a better idea if it simply withdrew the remaining requisitions.]
HOT : Henderson Opportunities wins but wind up still looms