Templeton Global Income Fund drops suit; Saba nominees to take board seats
Templeton Global Income Fund (NYSE: GIM) said on February 13, 2023 that it withdrew litigation that had sought to block certification of its 2022 annual meeting vote, so Saba Capital Management's nominees will be seated as trustees. The filing names GIM, not SABA, as the registrant, so the ticker in the request does not match the document. Saba's nominees will control the board and could make material changes, including to the investment strategy and the investment manager.
- The Fund withdrew pending litigation to prevent certification of results from its 2022 Annual Meeting, held June 6, 2022.
- Three non-Saba independent trustees resigned, effective immediately upon certification of the 2022 Annual Meeting results.
- Saba has said it intends to nominate three additional trustees to replace the three non-Saba independent trustees.
- The Fund said preliminary results showed over 90% of voted shares, excluding Saba-owned and privately purchased shares, supported its nominees.