Critical vote at Impax Environmental Markets

The Association of Investment Companies (AIC) has responded to today’s announcement from the board of Impax Environmental Markets that its Annual General Meeting and Saba Capital’s Requisitioned General Meeting will be held on 17 June. Shareholders in Impax Environmental Markets need to act quickly if they want to have a say on Saba’s proposal to replace the existing board with their four nominated directors. 

Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “This is a critical vote for the future of this investment trust. If shareholders wish to retain the existing independent board it is vital that they vote now. The nominated directors have provided no information on their intentions but there is a strong possibility that they may seek to appoint Saba as the asset manager and move Impax away from its environmental mandate. Shareholders need to act quickly to protect their investment if they want this distinctive mandate to continue.

“It’s concerning that the Saba nominated directors have not provided any biographical details, or any information on their plans for Impax Environmental Markets should they be appointed.  Shareholders deserve clear information on directors’ skills and their proposals to help them make an important decision about the future of their investment trust. This further highlights the pressing need for the FCA’s forthcoming Listing Rules review and the need for changes to protect retail shareholders.”

Filling out the voting form 

If shareholders want the trust to continue in its current form, it is vital that they vote FOR all of the board’s proposals, then tick the boxes AGAINST the Saba nominated appointments of Caroline Bault, Steven Grey, Jason Chen and Aaron Morris.