Boaz Weinstein's Saba Capital sells stake in UK trust Keystone Positive Change

Reuters

Tue, Apr 8, 2025, 8:27 AM 1 min read

(Reuters) - U.S. activistic capitalist Boaz Weinstein's Saba Capital has sold its astir 30% involvement successful British concern spot Keystone Positive Change (KPC), a regulatory filing showed connected Tuesday.

The Baillie Gifford-run concern spot is undergoing a planned liquidation nether which shareholders person the enactment of a currency exit oregon the accidental to rotation implicit into different Baillie Gifford managed fund.

The filing connected Tuesday showed that connected March 28, Saba Capital management's voting rights successful KPC dropped to nil, from astir 29.65%, but did not disclose immoderate different transaction details.

KPC was 1 of 7 targets of Saba successful the UK, wherever it was waging a run to overhaul their boards implicit show it labelled arsenic "underwhelming" and "disastrous".

In December, the U.S. hedge money sought to overhaul the boards of the trusts but six of the 7 trusts, including KPC, rejected its connection and publically deed backmost astatine Saba Capital, calling its efforts opportunistic and not successful the interests of broader shareholders.

KPC was already successful the process of winding itself down aft a agelong bout of underperformance, and announced plans to spell up with the liquidation aft shareholders rejected Saba's attempted efforts to summation control.

(Reporting by Yamini Kalia and Chandini Monnappa successful Bengaluru; Editing by Janane Venkatraman and Susan Fenton)