LONDON - In a recent development, Glass Lewis (JO:LEWJ), an independent proxy advisory firm, has recommended that shareholders of CQS Natural Resources Growth and Income PLC vote against a series of resolutions put forward by Saba Capital Management, L.P. These resolutions, set to be voted on at a general meeting on February 4, 2025, call for the removal of the current directors and the appointment of nominees proposed by Saba.
The Board of CQS Natural Resources Growth and Income PLC has already unanimously advised shareholders to reject these "Requisitioned Resolutions," citing risks and misalignment with shareholder interests. The Board's stance is now supported by Glass Lewis's recommendation, which aligns with the Board's view that the proposed changes would not be beneficial to all shareholders.
Christopher Casey, Chair of the company, has welcomed Glass Lewis's guidance, emphasizing the importance of shareholders voting against the resolutions to protect their investments. The general meeting where the resolutions will be considered is scheduled to take place at the offices of Dentons UK and Middle East LLP in London.
Shareholders are urged to submit their proxy votes before the deadline of 11 a.m. on January 31, 2025. Those holding shares through investment platforms or nominees should contact their providers promptly to ensure their votes are counted, with some platforms requiring action as early as January 23.
This situation highlights the ongoing tensions between CQS Natural Resources Growth and Income PLC and Saba Capital Management, with the outcome of the upcoming vote potentially impacting the company's future direction. The information for this article is based on a press release statement.
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