In the UK campaign, Saba first lost her battle with the Herald Board.

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US activist Saba Capital has hit its first hurdle in its bid to topple the board of Herald Investment Trust. In the campaign With seven closed companies listed in the UK.

A majority of shareholders at the Herald voted on Wednesday to reject the US hedge fund’s proposal to replace the trust’s board and install its own nominees, potentially paving the way for Saba to become investment manager.

More than 65 percent of the votes cast were against Sabah’s plan, according to an ad marketed by the Herald. About 35 percent of Sabah’s support vote was supported by an additional 0.15 percent.

Herald Investment Trust chairman Andrew Joy said the result was “a clear, complete and indisputable refutation of Saba’s attempts to take control of your company and change its strategy in the interests and interests of non-Saba shareholders”.

Joy said the reason shareholders invested in Herald was because they wanted to support smaller technology companies for the long term. “Short Term Marketing Strategy”.

Saba, which is led by an activist investor Boaz WeinsteinLast month, he called shareholder meetings at seven London-listed investment trusts, saying they did not hold executives accountable for the poor performance of their respective boards.

The campaign is one of the biggest shake-ups of the UK’s 150-year-old investment trust industry, which manages £266bn.

Saba’s defeat on the Herald Board came a day after the hedge fund. He agreed to stop. The advocate competes with 50 BlackRock funds to sell in two bids.

The majority of Herald shareholders are institutional investors such as wealth managers, while individuals make up less than a fifth of the record.

But the investment trust industry warned that investors with the largest share of the other six shareholders were less engaged in voting than institutions.

Jonathan Simpson-Dent, the chairman of Edinburgh Worldwide, another Sabah target, said: “This is the first battle in the war against the seven faiths” and warned that “shareholders cannot afford to be complacent”.

The UK has a financial regulator. Connected investment platforms To keep retail investors informed about upcoming votes.

Sabah’s shares in each of the trusts range from 19 to 29 per cent and total £1.5bn.

In a statement, Sabah said it is “committed to putting shareholders’ interests first, delivering returns to UK investors and ultimately reviving this damaged sector.”

He added: “We urge the shareholders of the other six trusts to support the general meetings in which we have asked them to support the Sabah resolutions in order to align these trusts in a way that creates meaningful value.”