Saba Capital Nominees Overwhelmingly Elected to Eaton Vance Floating-Rate Income Plus Fund Board
21 Abril 2020 - 3:05PM
Business Wire
Saba Capital Management, L.P. and certain investment funds
managed by it (collectively “Saba”) today announced that based on
proxies submitted to the independent Inspector of Election for the
Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) 2020 Annual
Meeting of Shareholders, results indicate that EFF shareholders
overwhelmingly elected all of Saba’s nominees – David Basile, Peter
Borish and Charles I. Clarvit – to the Board of Trustees (the
“Board”) and voted in favor of Saba’s shareholder proposal to
improve corporate governance by declassifying the Board.
For
Against
Abstain
Declassify the Board of
Trustees
3,562,361
161,900
303,902
Saba Capital’s
Nominees
Eaton Vance’s Nominees
Basile
3,019,055
Faust Jr.
672,257
Borish
3,023,090
Frost
669,003
Clarvit
3,019,055
Wennerholm
661,843
Boaz Weinstein, Founder and Chief Investment Officer of Saba,
said, “Shareholders have sent a clear message to management and the
Board that change is required to improve EFF’s performance and
corporate governance. In decisively voting to remove Eaton Vance
Chairman and CEO, Thomas E. Faust Jr., from the Board, install
three new independent trustees, and ask that the entire board be
held accountable annually, shareholders have demonstrated their
desire for increased oversight and fresh perspectives in the
boardroom.
“We are grateful that shareholders share our view that the Board
as formerly constituted was not acting in their best interests, and
that new trustees and a declassified Board will allow for more
productive shareholder engagement and help EFF achieve its optimal
valuation. We are confident that with David, Peter and Charles in
the boardroom, shareholders will finally reap the benefits of their
investment and EFF will be held to the highest corporate governance
standards.
“Over the past few years, closed-end fund shareholders have
suffered from large discounts to NAV while closed-end fund trustees
have gone to great lengths to entrench themselves and protect the
fees of investment advisors. The results of the EFF election should
clearly convey to all closed-end fund managers that closed-end fund
shareholders are embracing Saba’s call for improved corporate
governance and reduced discounts to NAV. We thank all shareholders
for their tremendous support.”
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in
New York. Launched in 2009, Saba currently manages assets across
three core strategies: Credit Relative Value, Tail Hedge, and
Closed-End Funds.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005850/en/
Investors Leah Jordan Investor Relations
Leah.Jordan@sabacapital.com
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