Saba Loses Bid to Block BlackRock Voter Bylaw in Fund Fight [BNN Bloomberg (Canada)]
BlackRock ESG Capital Allocation Trust (ECAT)
Company Research
Source: BNN Bloomberg
US District Judge Margaret Garnett on Tuesday rejected Saba's request for a preliminary injunction preventing BlackRock from employing a bylaw that requires challengers for board seats to win the votes of a majority of shareholders while incumbent trustees who run unopposed must only garner a plurality of shares cast in the election. But Garnett also denied BlackRock's request to throw out the case. Saba had argued that BlackRock is using the bylaw to keep un-elected trustees at its ESG Capital Allocation Trust in place indefinitely, skirting a federal law requiring at least two-thirds of a fund board to be elected by shareholders. Saba acquired a stake in the $1.9 billion fund in 2022, but says the entire board was appointed by BlackRock. The asset manager has maintained all along that it's the one looking out for shareholders, not Saba, and expressed confidence about prevailing in a battle over board seats for funds including BlackRock Innovation and Growth Term Trust. “Based
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News
- Saba Capital Corrects BlackRock’s Intentionally False and Misleading 2024 Annual Meeting ResultsBusiness Wire
- U.S. Court of Appeals for the Second Circuit Reaffirms Ruling That Certain Closed-End Funds, Including Funds Advised by BlackRock, Violated the Investment Company Act of 1940Business Wire
- U.S. District Court for the Southern District of New York Denies BlackRock’s Motion to Dismiss Saba Capital’s Entrenchment Bylaw LawsuitBusiness Wire
- Saba Capital Releases Presentation Detailing Plan to Deliver Enhanced Shareholder Value at 10 BlackRock Closed-End FundsBusiness Wire
- BlackRock Announces Increased Distribution Rates for Certain Closed-End FundsBusiness Wire
ECAT
Sec Filings
- 6/26/24 - Form DFAN14A
- 6/26/24 - Form DFAN14A
- 6/25/24 - Form DFAN14A
- ECAT's page on the SEC website