BlackRock Credit Allocation Income Trust: Delaware Court Rejects Saba Nominees
On January 13, 2020, the Delaware Supreme Court ruled that the trustee candidates nominated by Saba Capital Master Fund were ineligible for election at the Fund's 2019 annual shareholder meeting, so votes for them are invalid. The filing declares four other nominees, who each received a plurality of votes cast, duly elected as Class III trustees, which determines who sits on the Fund's board.
- Ruling date: January 13, 2020, by the Supreme Court of the State of Delaware
- Votes received for Saba's nominees are invalid
- Elected Class III trustees: Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn and Henry Gabbay
- Trustees serve until the later of the 2022 annual meeting or until a successor is elected and qualifies