Saba Capital Announces the Election of Full Slate of Nominees to the Templeton Global Income Fund’s Board of Trustees Based on Preliminary Results

Rhea-AI Summary

Saba Capital Management announced the preliminary voting results from the Templeton Global Income Fund (NYSE: GIM) Annual Meeting, where shareholders elected all four nominees put forward by Saba. Following this election, these nominees will form a majority on the 11-member Board of Trustees. The election highlights Saba's intention to enhance the Fund's performance by narrowing its discount to net asset value (NAV). Final results will be certified by the Fund's inspector of elections.

Positive

• All four Saba-nominated trustees were elected, establishing a majority on the Board.
• The election indicates a strategic shift aimed at enhancing shareholder value.

Negative

• None.

Highlights Four Highly Qualified and Independent Nominees Who Will Replace Incumbent Trustees on the 11-Member Board

Notes Saba-Nominated Trustees Will Constitute a Majority of the Board Following Certified Results

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 preliminary results of the Fund’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Based on the preliminary voting results provided by Saba’s proxy solicitor, shareholders have voted to elect all four of Saba’s nominees – Karen Caldwell, Ketu Desai, Anatoly Nakum and Mark Hammitt – to the Fund’s Board of Trustees (the “Board”). Saba-nominated trustees will now 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:

“We are pleased that our fellow GIM investors recognize the need to reset the direction of the Fund through the election of all of Saba’s independent and qualified trustees. We are confident that this is the right step forward on the path to narrowing GIM’s discount to NAV and creating value for all GIM shareholders.”

Final results of the Annual Meeting will be published by the Fund once they are certified by the Fund’s inspector of elections.

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.

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Longacre Square Partners

Greg Marose / Kate Sylvester, 646-386-0091

gmarose@longacresquare.com / ksylvester@longacresquare.com

Source: Saba Capital Management, L.P.

FAQ

What were the preliminary results of the GIM Annual Meeting?

All four nominees from Saba Capital Management were elected to the Board of Trustees.

How many members are on the Board of Trustees for GIM?

The Board consists of 11 members.

What is the significance of Saba's nominees forming a majority on the Board?

It suggests a potential strategic shift towards improving the Fund's performance and reducing its discount to NAV.

When will the final results of the GIM Annual Meeting be published?

Final results will be published once certified by the Fund’s inspector of elections.

Who is Boaz Weinstein in relation to GIM?

Boaz Weinstein is the Founder and Chief Investment Officer at Saba Capital Management.