Agreement with Saba

Dunedin Income Growth Inv Tst PLC

03 August 2026

 

Dunedin Income Growth Investment Trust PLC

Legal Entity Identifier (LEI): 549300PPXLZPR5JTL763

Agreement with Saba

3 AUGUST 2026

Further to the announcement by Aberdeen Group plc on Thursday 7 May 2026, the Board of Dunedin Income Growth Investment Trust PLC (the "Company" or "DIG") announces that it has today entered into a three-year agreement with abrdn Fund Managers Ltd ("aFML") and Saba Capital Management L.P. ("Saba") ("the Agreement").  

After careful consideration of the Agreement terms, the Board has concluded that entering into the Agreement is in the best interests of shareholders.

As far as the Board is aware, Saba does not currently hold an interest in the Company's shares. The Agreement provides near-term clarity in respect of Saba's position, at no cost to DIG shareholders, and facilitates the Board's continued focus on the ongoing strategic development of the Company for the benefit of its members as a whole.

The Board has taken independent legal and corporate broker advice confirming that the Standstill does not, in any way, fetter the Board's mandate to protect shareholder interests, continue the Company's strategic development and act independently in holding the Company's investment manager to account.

As a general observation, whilst the Board is not in favour of companies routinely agreeing terms to restrict shareholder activism, it believes that entering into this Agreement benefits all shareholders and notes that it does not restrict any party from acquiring shares in the Company.    

Under the Agreement, it has been agreed that (among other things):  

-             Saba will not put forward any proposals to shareholders or requisition any resolution or general meeting of the Company;

-             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;

-            Saba will not seek to change the composition of the Board; and

-            Saba will not engage, directly or indirectly, in any short selling of the Company's shares,

in each case until the earlier of (a) the conclusion of the Company's annual general meeting in 2029 and (b) the date aFML ceases to be appointed as the Company's investment 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 the Company's shares (other than in any short selling).

For further information, please contact:

abrdn Holdings Limited
[e-mail]

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