Saba Capital Corrects BlackRock’s Intentionally False and Misleading 2024 Annual Meeting Results
BlackRock Materially Misled Stakeholders by Announcing Results That Exclude All of Saba's Votes and Other Supportive Shareholders
Shareholders Voted for Each of Saba’s Nominees by Wide Margin in Two of BlackRock’s Largest Funds – BIGZ and ECAT – and Potentially Other Funds That Have Yet to Be Tallied
BlackRock’s Outrageous Behavior Follows the Court Reaffirming That BlackRock Violated Federal Law and the Court Permitting Saba’s Lawsuit to Overturn the Manager’s Rigged Election System to Proceed to Trial
“Our campaign shined a light on BlackRock’s hypocrisy as an ESG profiteer, while maintaining shameful governance at its own closed-end funds. There is a great injustice that continues as BlackRock refuses to let its fund owners have their voices heard. This is particularly intolerable considering the significant financial losses shareholders have suffered as nine out of the ten BlackRock funds have delivered negative returns over the last three years. BlackRock’s Friday press release only added insult to injury by making clear the manager’s disdain for its investors. In removing Saba’s votes and others who also voted for Saba's nominees from its 2024 Annual Meeting vote tally, BlackRock has slumped to a new low where anything goes – even outright deceit.
BlackRock has created an unlevel playing field by manufacturing rigged elections that allow its hand-picked trustees to serve indefinitely. According to BlackRock’s rules, if 52 people show up to vote out of 100 registered voters , the winning party must receive support from 50 of them – or 96% of the votes. It's a fact that shareholders by a huge margin chose Saba’s nominees for BIGZ and ECAT (and potentially other funds that have yet to be tallied). In some cases, Saba received roughly 2x the votes BlackRock did. Yet, BlackRock is undeterred from blissfully ignoring the outcome and issuing a statement that falsely claims victory – when in actuality they lost in a landslide.
BlackRock’s flagrant disregard for the truth and its investors is unacceptable. While the world’s largest asset manager has attempted to paint Saba as a self-serving investor with undue influence, the courts have upheld that every share gets to vote. Saba is proud to have clients that include millions of
Preliminary Voting Results of BIGZ and ECAT 2024 Annual Meetings
|
|||
Saba's Nominees |
|||
|
For |
Against |
Abstain |
|
72,812,673 |
832,071 |
190,258 |
|
72,826,638 |
819,106 |
189,258 |
|
57,240,005 |
16,404,612 |
190,383 |
|
57,249,664 |
16,395,482 |
189,953 |
David Locala |
72,842,321 |
805,353 |
187,328 |
|
72,801,186 |
845,813 |
188,003 |
|
57,195,707 |
16,452,550 |
186,743 |
BlackRock's Nominees |
|||
|
For |
Against |
Abstain |
|
38,341,904 |
3,833,235 |
823,249 |
|
38,038,290 |
3,905,798 |
1,054,298 |
|
38,243,188 |
3,891,512 |
863,685 |
|
38,086,316 |
3,858,382 |
1,047,546 |
|
37,114,615 |
3,800,479 |
1,075,378 |
|
37,418,793 |
3,707,175 |
870,507 |
|
37,178,273 |
3,751,995 |
1,060,203 |
|
|
|
|
|
|||
Saba's Nominees |
|||
|
For |
Against |
Abstain |
|
39,264,545 |
395,713 |
254,417 |
|
31,744,622 |
7,915,360 |
254,694 |
|
31,907,192 |
7,917,088 |
90,396 |
|
31,740,433 |
7,914,772 |
259,471 |
David Locala |
31,740,483 |
7,913,974 |
260,219 |
|
39,427,016 |
393,852 |
93,807 |
|
31,728,232 |
7,931,861 |
254,583 |
BlackRock's Nominees |
|||
|
For |
Against |
Abstain |
|
21,151,631 |
939,349 |
348,214 |
|
21,143,312 |
943,681 |
352,203 |
|
21,174,760 |
924,446 |
339,989 |
|
21,103,305 |
965,253 |
370,637 |
|
21,110,233 |
952,498 |
376,465 |
|
21,199,975 |
913,496 |
325,724 |
|
21,111,719 |
966,584 |
360,894 |
Update on Saba’s Legal Proceedings Against BlackRock
Earlier this week, the
Additionally, the
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About
1 The 10 BlackRock closed-end funds include: the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240630658123/en/
ckiaie@longacresquare.com / ksylvester@longacresquare.com
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