Agreement with Saba
Summary by AI BETAClose X
ABERDEEN EQUITY INCOME TRUST PLC
Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74
Agreement with Saba
3 August 2026
Further to the announcement by Aberdeen Group plc on Thursday 7 May 2026, the Board of Aberdeen Equity Income Trust plc (the "Company") announces that it has today entered into a three-year agreement with abrdn Fund Managers Ltd ("aFML") and Saba Capital Management L.P. ("Saba") ("Agreement").
Under the Agreement, Saba has given a number of undertakings to the Company, including as set out below:
- Saba will not put forward any proposals to shareholders or requisition any resolution or general meeting of the Company;
- Saba will not seek to change the composition of the Board;
- Saba will not seek to control or influence the Board or Company or the policies or management of the Company;
- Saba will not vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders; and
- Saba will not engage, directly or indirectly, in any short selling of the Company's shares;
in each case for a period lasting until the earlier of (a) conclusion of the Company's 2029 annual general meeting of shareholders or (b) the date aFML ceases to be appointed as the Company's alternative investment fund manager.
The Agreement does not restrict or prohibit Saba's ability to vote in favour of or accept any takeover offer for the Company, nor does it restrict Saba's ability to deal in Shares (other than in any short selling).
Saba has never disclosed that it holds a position in the Company and has never engaged with the Company. This Agreement is a result of a negotiation between Aberdeen and Saba as part of another transaction to which the Company is not party.
The Company has given no monetary consideration to Saba or any of its affiliates in return for the benefits outlined above, and such benefits do not restrict the Board's or the Company's independence in any way. The Board is committed at all times to exercising the best standards of corporate governance, promoting the success of the Company and putting first the interests of shareholders as a whole.
The Board believes that it is in the interest of shareholders to participate in this agreement and focus the company's energy on continuing to deliver our investment objectives.
For further information, please contact:
abrdn Holdings Limited
cef.cosec@aberdeenplc.com
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