24 January 2025
Baillie Gifford US Growth
Trust plc
Legal
Entity Identifier: 213800UMIOUWXZPKE539
Independent Professional
Voting Advisers Recommend Shareholders Vote "AGAINST"
Saba
The Board of Baillie Gifford US
Growth Trust plc (the "Company") notes the publication of the
voting recommendations from independent voting experts Glass Lewis,
ISS and PIRC, in relation to the Company's forthcoming
Requisitioned General Meeting.
All
three LEADING VOTING EXPERTS have recommended that shareholders
VOTE AGAINST the Requisitioned Resolutions at the Requisitioned
General Meeting to be held at noon on 3 February
2025.
Industry-leading governance experts
Glass Lewis, ISS and PIRC share the Board's concerns about the
future of the Company should the proposals put forward by Saba, a
US hedge fund manager, be voted through.
These recommendations are in line with the unanimous
recommendation of the Company's independent Board, which outlined
its recommendation to VOTE AGAINST the Requisitioned Resolutions in
the circular posted to Shareholders on 6 January 2025 (the
"Circular") (a copy of which is available on the Company's website
at bgusgrowthtrust.com).
Saba is counting on Shareholders not voting their Shares to give
them the best chance of taking effective control of the Company.
Accordingly, it is very important that all Shareholders,
irrespective of the number of Shares they hold, vote on the
Requisitioned Resolutions as the future of their investment depends
on it.
THE DEADLINE FOR PROXY VOTING
CLOSES AT 12.00 NOON ON 30 JANUARY 2025. DEADLINES FOR VOTING
THROUGH PLATFORMS MAY BE EARLIER.
Any
Shareholders needing help or assistance in voting their Shares
before the deadline should email USA@georgeson.com for more
information.
Unless the context provides
otherwise, capitalised terms used in this announcement shall have
the same meanings given to them in the Circular.
Tom
Burnet, Chairman of Baillie Gifford US Growth Trust plc,
said:
"Baillie Gifford US Growth is a top performing investment
trust with a wholly independent Board, so we are pleased to see
that all three major independent voting advisers have agreed with
the Board's unanimous recommendation to VOTE AGAINST the
Requisitioned Resolutions. These experts echo the Board's concerns
that Saba's proposals are inconsistent with the highest standards
of corporate governance they claim to represent and present
potential material conflicts of interest.
Saba is counting on other shareholders, and in particular
retail investors, not voting their shares to give them the best
chance of taking effective control of the investment trusts they've
requisitioned, including our Company.
On
22 January, Herald Investment Trust's shareholders made themselves
heard at its Saba-requisitioned General Meeting where 99.8% of the
votes cast by non-Saba shareholders voted against the requisitioned
resolutions. Our Shareholders, big and small, must also make
themselves heard at our Company's Requisitioned General Meeting -
they need to vote against all the resolutions to send a clear
message to Saba that their self-serving proposals are unwanted. The
voting deadline is approaching on 30 January and we again urge
Shareholders to protect their investment by voting against Saba's
destructive proposals."
Enquiries:
Company
Tom Burnet
c/o Burson Buchanan
USA@buchanancomms.co.uk
+44 (0)20 7466 5000
Panmure Liberum Limited
Alex Collins / Michael
Janes
info@panmureliberum.com
+44 (0)20 3100 2000
Burson Buchanan
Henry Wilson / Helen
Tarbet
USA@buchanancomms.co.uk
+44 (0)20 7466 5000
Company Secretary
Baillie Gifford & Co Limited,
Company Secretary
trustenquiries@bailliegifford.com
+44 (0)800 917 2113
