Schroder UK Mid Cap Fund PLC - London-based mid-cap focused investment trust - Says, following a review of the general meeting requisitioned by Saba Capital Management LP in mid-February, that the requisition is invalid, as ‘the named nominee was not the registered holder of sufficient shares on the date of the requisition notice for it to be compliant with the provisions of section 303 of the Companies Act 2006’.
Saba Capital had requisitioned meetings at four trusts, including Schroder UK Mid Cap Fund, targeting proposals for liquidity at net asset value and a transition of the trusts to open-ended funds.
Schroder UK Mid Cap Fund notes, however, that Saba now holds a sufficient stake in the trust to be able to submit a new and valid general meeting requisition.
Current stock price: 614.00 pence, closed up 0.3% in London on Wednesday
12-month change: up 12%
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