LONDON - Glass Lewis (JO:LEWJ), a leading independent proxy advisory firm, has recommended that shareholders of Keystone Positive Change Investment Trust plc (KPC) vote against all proposed resolutions at the upcoming general meeting scheduled for February 3, 2025. This announcement aligns with the unanimous recommendation of KPC's independent board of directors.
In a recent statement, Glass Lewis cited concerns over the lack of detail in the proposals put forward by Saba Capital Management, a significant shareholder in KPC. The advisory firm characterized Saba's campaign as more focused on gaining influence within the company than providing shareholders with a beneficial and timely exit strategy. Glass Lewis also questioned the governance implications of Saba's intentions for KPC's board.
Karen Brade, Chair of Keystone Positive Change plc, echoed Glass Lewis's sentiments, warning shareholders against being misled by what she described as "vague and theatrical promises" from Saba. She emphasized that no shareholders, analysts, or fund managers she has spoken to see any advantage in Saba's proposals, other than potential benefits to Saba itself.
Brade urged shareholders to participate in the upcoming vote, highlighting the importance of their voices in opposing Saba's "self-serving campaign." She reiterated the board's commitment to executing the strategies preferred by shareholders, which include an uncapped cash exit option or the opportunity to transition into a similarly structured but more liquid fund.
The board has stressed the critical nature of the vote, noting that Saba currently holds interests in approximately 28% of KPC's issued ordinary share capital. To block the resolutions, which are being proposed as ordinary resolutions requiring a simple majority, shareholders representing at least 30% of the issued share capital must vote against them.
The general meeting will take place at the offices of Deutsche Numis in London. Shareholders who invest through platforms or nominees are encouraged to make arrangements promptly to ensure their votes against the resolutions are counted. For assistance, shareholders can contact the company's proxy solicitation agent or visit the provided link for guidance on voting through investment platforms.
This article is based on a press release statement from Keystone Positive Change Investment Trust plc.
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