Gore Street Energy narrowly defeats Saba’s wind down vote
Gore Street Energy Fund has survived an attempt by activist hedge fund Saba Capital to wind it down at its latest annual general meeting, after investors narrowly voted against its discontinuation. The battery fund quashed the Boaz Weinstein-run fund’s efforts to shut it down at its annual general meeting (AGM) on Wednesday, but more than [...]
Gore Street Energy Fund successfully thwarted an attempt by activist hedge fund Saba Capital to liquidate it at its most recent annual general meeting. Despite over 44% of votes supporting Saba's resolution to cease the investment company, the fund's board pledged to work with shareholders to improve value. Shareholder frustration with the fund's underperformance led to Saba's recent attacks, with the fund's stock plummeting by 60% over the past five years.
GSF's non-executive chair narrowly avoided removal, and James Carthew of Quoted Data cautioned that shareholders' patience is limited.
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