White & Case advises Saba Capital Management on strategic campaign to enhance value for shareholders of seven UK investment trusts

Global law firm White & Case LLP is advising Saba Capital Management, L.P. (Saba) on its strategic campaign to deliver shareholder value through the simultaneous requisitioning of general meetings for seven UK investment trusts.

"This is a pivotal initiative for Saba that aims to enhance liquidity and long-term returns for all shareholders. The successful execution of this campaign is expected to have substantial future implications, potentially setting a precedent for similar actions in the UK investment management industry," said White & Case partner Tom Matthews, who is leading the Firm's deal team. "Our collaboration with Saba underscores White & Case's commitment to driving value for our clients through strategic, market-leading and innovative legal solutions."

The initiative targets investment trusts presently managed by Baillie Gifford, Herald Investment Management, Janus Henderson Investors and Manulife | CQS Investment Management.

The campaign involves Saba's requisitioning of general meetings for Baillie Gifford US Growth Trust PLC, CQS Natural Resources Growth & Income PLC, Edinburgh Worldwide Investment Trust PLC, European Smaller Companies Trust PLC, Henderson Opportunities Trust PLC, Herald Investment Trust PLC and Keystone Positive Change Investment Trust PLC. Saba aims to reconstitute the boards with experienced directors who can address the gap between the trusts' trading price and their net asset value.

The White & Case team in London which is advising on the transaction includes partners Tom Matthews, Patrick Sarch, Alex Woodfield, Sonica Tolani, Jonathan Parry and Jonathan Rogers, counsel Laura Kitchen and associates Johanna Wagner, Tom Owen and Ciara Lamph.

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