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Keystone Positive Change Investment Trust PLC and Baillie Gifford US Growth Trust PLC on Monday said shareholders had rejected proposals by Saba Capital Management LP to oust their current boards, which Baillie Gifford US described as ‘self-serving and destructive’. Baillie Gifford US Growth Trust said 66% of shareholders had voted against the plans. Excluding Saba’s stake, the investment trust said 98.5% of shareholders had cast their votes against the resolutions. ‘Faced with the threat to their investment posed by Saba’s self-serving and destructive proposals, shareholders have mobilised and acted decisively to protect their investment. The result is unambiguous and conclusive,’ Chair Tom Burnet said. ‘We would like to thank shareholders for their support at this important moment for the company. We are delighted, in particular, by the number of retail shareholders who have voted and played a key role in this positive outcome and encourage them to continue to make their voices heard.’ Keystone Positive Change Investment Trust said over 60% of votes were cast against the resolutions. Excluding Saba’s holding of around 39%, only 0.8% of votes were cast in favour of the changes. Chair Karen Brade said: ‘Now our focus returns to delivering the proposed scheme that offers an uncapped cash exit and/or a rollover into a more liquid fund with a similar global impact strategy. We are confident that this remains in the best interests of shareholders.’ ‘The board intends to re-engage with stakeholders without delay in order to implement this scheme as soon as practicable.’ In December, Saba, founded by former Deutsche Bank banker Boaz Weinstein, requisitioned general meetings of seven trusts and nominated representatives to replace existing directors. Keystone shares were down 2.8% to 248.00 pence in London on Monday afternoon. Baillie Gifford US Growth shares fell 3.0% to 262.00p. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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