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Inspector of Elections Reaffirms Voting Results for Saba Capital’s Four Nominees at Templeton Global Income Fund After Franklin Templeton’s Demand for a Review
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Saba Capital Management, a significant shareholder of Templeton Global Income Fund (NYSE: GIM), announced the results of GIM's 2022 Annual Meeting. Following a review, the inspector of elections confirmed shareholders' vote for Saba's nominees—Karen Caldwell, Ketu Desai, Anatoly Nakum, and Mark Hammitt—to the Fund's Board of Trustees. Pending certification from the U.S. District Court, Saba's nominees will form a majority on the 11-member Board. Saba's founder, Boaz Weinstein, criticized Franklin Templeton for prioritizing board control over shareholder interests.
Positive
Saba's nominees confirmed to the Board, potentially improving governance.
Saba will hold a majority on the Board, enhancing shareholder influence.
Negative
Franklin Templeton is using litigation to obstruct Saba's efforts.
No significant price improvement as GIM has not traded at or above NAV for nine years.
NEW YORK--(BUSINESS WIRE)--
Saba Capital Management, L.P. (collectively with its affiliates, “Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSE: GIM) (“GIM” or the “Fund”), today commented on the results of GIM’s inspector of elections’ review of the voting results of the Fund’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Following Franklin Templeton’s demand for a review, the inspector of elections has reaffirmed shareholders’ vote for Saba’s full slate of nominees – Karen Caldwell, Ketu Desai, Anatoly Nakum and Mark Hammitt – to the Fund’s Board of Trustees (the “Board”). Shareholders first voted to elect all of Saba’s nominees at the Annual Meeting held on June 6, 2022, according to preliminary voting results.
Once the shareholder vote is certified following a ruling from the United States District Court in the Southern District of New York (the “Court”), Saba-nominated trustees will constitute a majority of the 11-member Board, building on the prior election of four Saba nominees to the Board in 2021.
Boaz Weinstein, Founder and Chief Investment Officer at Saba, said:
“This is a win for all GIM shareholders: the inspector of elections' review reaffirmed shareholders’ vote for all of Saba Capital’s nominees to the GIM Board. Franklin Templeton appears more focused on clinging to boardroom control and generating management fees than on shareholders’ interests. It has been nearly nine years since GIM traded at or above its NAV for even a single day, and yet Franklin Templeton is now using litigation to obstruct our trustees’ efforts to narrow the discount to NAV and create value for shareholders. We look forward to the Court’s expedited ruling so that these results can be certified and our nominees can be appointed to their rightful seats on the Board.”
Final results of the Annual Meeting will be published by the Fund once they are certified by the inspector of elections following the ruling by the Court on the Fund’s complaint.
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of institutional clients. The firm, which is a pioneer of credit relative value and capital structure trading, currently invests across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in 2009 by Boaz Weinstein, Saba is privately held by its partnership and headquartered in New York City. Learn more at www.sabacapital.com.
