Unlocking Value

Saba Capital, the most prominent closed-end fund activist globally, is now campaigning against two closed-end funds managed by Neuberger Berman (NB).

Saba is trying to nominate directors at the NB funds. It has won the support of Institutional Shareholder Services (ISS), the biggest proxy advisor in the world.

ISS recommends shareholders to vote in favour of Saba’s proposal, because ISS finds the large discount to net asset value unacceptable:

… [the NB fund] has experienced significant deterioration in [its NAV discount], and now trades at a wider discount than the peers it once consistently outperformed

…[the NB fund] has generally traded at a NAV discount in excess of 15 percent, and has fared worse than peers over all measurement periods

The corporate governance structure provides shareholders with little reason to have faith in the board

The board’s willingness to brazenly ignore the will of shareholders is just further evidence in support of a case for change

We, Argyle Street Management, applaud ISS for upholding shareholder rights and good corporate governance.

In June 2024, ISS recommended shareholders to vote against Elizabeth Kan’s re-election as a director of China Merchants China Direct Investments (CMCDI, 133 HK).

To gain the support of shareholders, we urge CMCDI to implement a discount management program.

We are now on WeChat and Whatsapp. Chat with us.

💬 WeChat 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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Saba Capital （”Saba”)，全球最著名的封闭式基金积极投资者，目前正在针对路博迈（Neuberger Berman，简称NB）管理的两只封闭式基金（“路博迈基金”）展开行动。

Saba 试图在路博迈基金提名董事。它已赢得了全球最大的代理投资者Institutional Shareholder Services（ISS）的支持。

ISS建议股东投票赞成Saba的提议，因为ISS认为股票大幅折价是不可接受的：

[路博迈基金] 折价交易情况显著恶化，现在的折价幅度比曾经一直折价较大的同行更大

[路博迈基金] 通常以高于15％的净资产值折价交易，并且在所有观察期内表现不如同行

公司治理结构使得股东很难对董事会有信心

董事会公然无视股东意愿的可能，进一步表明了需要进行变革

我们，Argyle Street Management，赞扬ISS捍卫股东权利和支持良好的公司治理。

2024年6月，ISS建议股东反对简家宜女士（Elizabeth Kan）连任招商局中国基金（中国基金，133 HK）董事。

为了赢得股东的支持，我们敦促中国基金尽快实施折价管理计划（discount management program）。

欢迎随时跟我们沟通。

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com