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Templeton Global Income Fund Announces Legal Action to Prevent Certification of the Results of the Fund’s Annual Meeting of Shareholders
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Templeton Global Income Fund (NYSE: GIM) has filed a complaint in the Southern District of New York against Saba Capital Management, alleging undisclosed agreements before its Annual Meeting on June 6, 2022. The complaint claims Saba secretly incentivized a large institutional shareholder's vote in favor of its nominees, violating federal securities laws requiring full disclosure to shareholders. The Fund seeks a new vote, allowing shareholders to make informed decisions based on complete information about Saba's conduct.
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Allegations of undisclosed agreements may damage shareholder trust.
Potential delays in governance due to the legal proceedings.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
Templeton Global Income Fund [NYSE: GIM] (the “Fund”), today announced that the Fund and a Fund shareholder have filed a complaint and temporary restraining order request in United States District Court in the Southern District of New York seeking to prevent the certification of the results of the Fund’s Annual Meeting of Shareholders held on June 6, 2022 (the “Annual Meeting”).
The complaint alleges that, over the weekend prior to the Fund’s Annual Meeting, Saba Capital Management, L.P. and related individuals and parties (together, “Saba”) struck—but kept secret—a deal to pay at least one large institutional shareholder a significant premium to the market price of the Fund’s shares, with an additional premium if Saba’s nominees prevailed at the Annual Meeting. The complaint argues that federal securities laws expressly require that any such arrangements be fully disclosed with sufficient time to be absorbed by shareholders whose votes may be impacted. The complaint alleges that Saba failed to make those required disclosures, keeping its deal secret until after the Annual Meeting had concluded. The complaint requests that a new vote be held after Fund shareholders have had the benefit of true and complete information about Saba’s conduct and an opportunity to cast informed votes.
For further information on Templeton Global Income Fund, please visit our web site at: www.franklintempleton.com
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.45 trillion in assets under management as of May 31, 2022. For more information, please visit franklintempleton.com.
What lawsuit did Templeton Global Income Fund recently file?
Templeton Global Income Fund filed a lawsuit against Saba Capital Management for alleged undisclosed agreements affecting vote outcomes at the Annual Meeting.
What were the allegations against Saba Capital Management?
The allegations state that Saba's secret deal with an institutional shareholder violated federal securities laws by failing to disclose important information prior to the Annual Meeting.
What is the significance of the complaint filed by the Fund?
The complaint aims to prevent the certification of the Annual Meeting results and seeks to hold a new vote with full disclosure for shareholders.
When was the Annual Meeting of Templeton Global Income Fund held?
The Annual Meeting of Templeton Global Income Fund was held on June 6, 2022.
What is the stock symbol for Templeton Global Income Fund?
The stock symbol for Templeton Global Income Fund is GIM.
