Templeton Global Income Fund Shareholders Elect All Saba Capital Nominees to the Board of Trustees

Rhea-AI Summary

Saba Capital Management announced that its nominees have been elected to the Board of Trustees of the Templeton Global Income Fund (NYSE: GIM), replacing all incumbent trustees. This decision, certified by the independent Inspector of Election, reflects shareholder support for Saba's fresh perspectives and governance experience aimed at enhancing long-term value. Boaz Weinstein, Saba's Founder, emphasized the significance of this outcome in improving the Fund’s performance and addressing its net asset value discount. Saba Capital manages $3.3 billion across various investment strategies.

Positive

• All of Saba's nominees elected to GIM's Board of Trustees, suggesting strong shareholder support.
• Expectations of improved Fund performance and reduced net asset value discount with new governance.

Negative

• None.

Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that shareholders of Templeton Global Income Fund (NYSE: GIM) (the “Fund”) have elected all of Saba’s nominees – Aditya Bindal, Frederic Gabriel, Paul Kazarian, and Pierre Weinstein – to the Fund’s Board of Trustees (the “Board”), thereby replacing all four incumbent Trustees standing for re-election at the Fund’s 2021 Annual Meeting of Shareholders (the “Annual Meeting”). These results have been certified by the independent Inspector of Election for the Annual Meeting.

Boaz Weinstein, Founder & Chief Investment Officer at Saba, said, “We are pleased our fellow GIM shareholders agree that Saba’s nominees’ fresh perspectives, portfolio management skills and corporate governance experience are required to create long-term value for all GIM shareholders. The outcome of the Annual Meeting represents an important step toward improving the Fund’s performance and reducing its prolonged net asset value discount, and we thank GIM shareholders for their overwhelming support. Saba has a long history of working with boards for the benefit of all shareholders and will continue to push for best in class corporate governance standards.”

About Saba Capital

Saba Capital Management, L.P. is a registered investment adviser founded in 2009. Saba is a spin-out of a proprietary investing group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba manages $3.3 billion across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominantly institutions and include public and corporate pension plans, endowments and foundations, family offices, banks and insurers, bank private wealth platforms, fund of funds and certain high net worth individuals.

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FAQ

Who were elected to the Board of Trustees of the Templeton Global Income Fund (GIM)?

Saba's nominees Aditya Bindal, Frederic Gabriel, Paul Kazarian, and Pierre Weinstein were elected to the Board.

What does the election of Saba's nominees mean for GIM shareholders?

It indicates a shift towards improved governance and potential enhancements in the Fund's performance.

What is the impact of the recent election on the Fund's net asset value discount?

The new board aims to reduce the prolonged net asset value discount currently affecting the Fund.

How does Saba Capital Management plan to improve GIM's performance?

Saba Capital intends to utilize its governance experience and portfolio management skills to create long-term value.

What is the total amount managed by Saba Capital Management?

Saba Capital Management manages $3.3 billion across four core investment strategies.