A sixth investment trust has defeated US raider Boaz Weinstein’s bid to oust its board.
The European Smaller Companies Trust’s shareholders voted down proposals by the hedge fund tycoon’s firm Saba Capital to kick out its existing directors and replace them with his allies.
More than 99 per cent of votes cast by non-Saba investors opposed the plans.
Overall, just 62 per cent of investors voted against the proposals compared to 37.9 per cent in favour. Turnout was 76.8 per cent of eligible shares.
Trust chairman James Williams said the result was a ‘clear and complete rejection’.
The vote is another stinging blow as Weinstein seeks control of seven London-listed investment trusts.
No victories: Boaz Weinstein (pictured right with his ex-wife Tali Farhadian) has been defeated by six of what he dubbed the ‘miserable seven’ trusts
He has been defeated by six of what he dubbed the ‘miserable seven’ trusts in a showdown that has raised serious questions about the future of the industry.
The final trust, Edinburgh Worldwide, holds a vote next week on Valentine’s Day.
Saba built stakes in each, ranging from 19 per cent to 29 per cent, and called meetings to ask other shareholders to approve his plans.
It was feared a low turnout would mean the hedge fund had succeeded.
But following a campaign by the Mail, which has urged investors to have their say, turnout has surged and delivered defeats for Saba.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .