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NEW YORK - Saba Capital Management L.P. has reached a standstill agreement with CQS Natural Resources Growth & Income PLC (CYN:LSE), a move aimed at benefiting all shareholders of the trust. The agreement, contingent upon shareholder approval, will lead to a tender offer for up to 100% of CYN’s issued share capital.
Following the tender offer and the passing of related resolutions, CYN will introduce an enhanced annual dividend of about 8% and reduce its investment management fee by 20 basis points. This will present shareholders with the option to either exit their investment for cash or continue their investment under improved financial terms. The tender offer is set to be available exclusively to eligible shareholders listed on the register as of 6.00 p.m. BST on May 29, 2025.
Saba, which is a significant shareholder in CYN, has agreed to vote in favor of the necessary resolutions and will tender all of its owned shares. Boaz Weinstein, the Founder and Chief Investment Officer of Saba, stated that the agreement is indicative of positive, shareholder-oriented reform within the UK trust sector and that it provides a "true win-win" for CYN shareholders.
This agreement with CYN marks Saba’s fifth successful campaign in the UK in 2025, emphasizing the firm’s ongoing efforts to drive shareholder value across the industry. Legal advisory for Saba throughout this process is being provided by White & Case LLP.
Saba Capital Management, founded in 2009 and with offices in New York City and London, is a global alternative asset management firm recognized for its credit relative value strategies and capital structure arbitrage.
This announcement, based on a press release statement, does not constitute an investment recommendation or strategy, and no investment, financial, tax, or legal advice is implied. The forward-looking statements included are based on current beliefs and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Saba does not guarantee the performance or the trading prices of CYN securities and acknowledges that the information provided is as accurate and reliable as possible but has not been independently verified.
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