Saba Capital looks to oust IEM board in latest trust tussle

Impax Environmental admits Saba will take control after activist emerges from exit tender with 29.9% stake demanding board quit

Update: Impax Environmental Markets (IEM) has conceded that Saba Capital will have “effective control” of the investment trust following the completion of the exit tender offer from which the activist hedge fund will emerge with a 29.9% stake. The holding, which will increase from the current 21%, puts Saba in a powerful position to replace […]

‘We’re as confused as everyone else’: Saba pushes for IEM board to resign

Investment trust professionals have been caught off-guard by US activist investor Saba Capital’s latest move against the board of Impax Environmental Markets (IEM). Yesterday, the board had announced the results of its exit tender offer, during which it had concluded that Saba had tendered “the majority, if not all, of its position”. However, according to a press release from the hedge fund earlier today, Saba expects to be the beneficial owner …

Saba Capital looks to oust IEM board in latest trust tussle

US hedge fund Saba Capital is looking to oust the board of investment trust Impax Environmental Markets as investors race to the exit. In a letter sent to the board on Monday, Saba outlined its plans to requisition a general meeting of the company to “remove the entire board” and appoint a new board “composed solely of qualified, independent directors”. Saba claimed its decision came from being “profoundly disappointed” with Impax Environmental …