LONDON - Keystone Positive Change Investment Trust plc (KPC) has received a requisition notice from Saba Capital Management, L.P., requesting a general meeting to potentially remove and appoint directors, the company disclosed Wednesday.
The requisition, submitted by Saba Capital through Barclays (LON:BARC) Capital Securities Client Nominee Limited, calls for the removal of KPC's five independent non-executive directors and the appointment of Paul Kazarian and John Karabelas as directors. Saba also indicated its intention to vote against a proposed scheme by KPC.
KPC's board has advised shareholders to refrain from taking any action until further information is released. The board continues to express confidence in Baillie Gifford's "Positive Change" strategy, which aims for long-term capital returns and a more sustainable and inclusive world.
Previously, on September 9, 2024, KPC announced its consideration of a transaction to address the company's size, share liquidity, and trading discount. Following shareholder feedback, on September 30, 2024, KPC confirmed a scheme of reconstruction and voluntary winding-up under section 110 of the Insolvency Act 1986. The scheme would allow shareholders to receive new shares in the Baillie Gifford Positive Change Fund or opt for an uncapped cash exit with a 1% discount to the residual NAV per ordinary share.
The implementation of this scheme is contingent on shareholder approval at meetings scheduled for January 27, 2025, and February 7, 2025. The board has reiterated its recommendation for shareholders to vote in favor of the scheme, which it believes serves the best interests of shareholders as a whole.
This announcement is based on a press release statement and is intended to provide shareholders and the public with current information regarding KPC's situation. Further details will be provided as they become available.
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