Herald Investment Trust PLC on Wednesday said shareholders had ‘unanimously’ rejected proposals by Saba Capital LP to oust the current board.

The investment trust said 65% of shareholders had voted against the plans.

Excluding Saba’s just under 35% stake, Herald Investment Trust said only 0.15% of shareholders had supported the resolutions.

‘This is a damning indictment of Saba’s proposals by the company’s non-Saba shareholders,’ the trust said in a statement.

Chair Andrew Joy said: ‘Today non-Saba shareholders have almost unanimously rejected Saba’s self-interested proposals.’

‘The fact that 99.78% of all votes cast by non-Saba shareholders were voted against Saba’s resolutions and in favour of the existing board provides a clear, complete and incontrovertible rebuttal of Saba’s attempt to take control of your company and change its strategy against the wishes and interests of its non-Saba shareholders.’

He added: ‘I very much regret that this episode has already cost shareholders money, which unfortunately we cannot reclaim from Saba.’

Joy pledged to engage with all shareholders, including Saba, as it moves forward.

In December, Saba, founded by former Deutsche Bank banker Boaz Weinstein, requisitioned general meetings of seven trusts and nominated representatives to replace existing directors.

The move sparked a tit-for-tat war of words ahead of the shareholder votes.

Shares in Herald Investment Trust rose 2.2% to 2,370.20 pence each in London on Wednesday.

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