Templeton Global Income Fund Announces Results of Special Meeting of Shareholders
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Saba Capital Management, L.P. to Serve as the Fund’s New Investment Adviser
Fund to Change Name to Saba Capital Income & Opportunities Fund II (NYSE: SABA)
The results show that all three proposals presented at the Special Meeting passed. Specifically, shareholders voted in favor of:
- The approval of a new investment management agreement between the Fund and Saba Capital Management, L.P. (“Saba”) (the “New Management Agreement”);
- The approval of making the Fund’s investment objective “non-fundamental” to provide the Fund with greater investment flexibility; and
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The removal of the Fund’s fundamental policy mandating that at least
65% of the Fund’s total assets be invested in at least three countries and in various types of debt instruments.
The approval of the New Management Agreement follows the previously announced selection of Saba by the Fund’s Board of Trustees (the “Board”) to serve as the new investment adviser of the Fund (the “Adviser Transition”). The Fund sent a notice to Franklin Templeton Advisers, Inc. ("Franklin Advisers"), the current manager of the Fund, terminating the current investment management agreement between the Fund and Franklin Advisers. The Adviser Transition, whereby Saba will assume responsibility for providing investment management services to the Fund, will occur on or about the close of business on December 31, 2023. Saba intends to leverage its experienced team, sophisticated investment advisory platform, extensive resources and track record managing and operating various funds, including another publicly-traded closed-end fund, to expand the Fund’s investment strategy consistent with the Fund’s current investment objective to provide high current income and capital appreciation.
New Fund Name and Ticker Symbol
In connection with the Adviser Transition, the Fund’s name will change to Saba Capital Income & Opportunities Fund II. The common shares of the Fund will continue to be listed on the New York Stock Exchange (the “NYSE”) under the new ticker symbol “SABA.”
The Fund has changed its fiscal year end and tax year end, effective October 31, 2023, from December 31 to October 31.
Tender Offer
Additionally, in an effort to enhance liquidity to shareholders ahead of the Adviser Transition; provide potential accretion to the Fund’s net asset value (“NAV”) per share; and seek to help narrow the NAV discount at which the Fund’s shares trade, the Fund previously announced that the Board has approved the commencement of a cash tender offer for up to
Important Notice
This press release is for informational purposes only and shall not constitute a recommendation or an offer or a solicitation to buy any common shares. The offer to purchase Fund common shares is being made pursuant to the Fund’s Offer to Purchase on Schedule TO, filed with the
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in
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Longacre Square Partners
Greg Marose / Charlotte Kiaie, 646-386-0091
gmarose@longacresquare.com / ckiaie@longacresquare.com
Source: Templeton Global Income Fund
FAQ
What is the name of the fund that held the Special Meeting of Shareholders?
What were the three proposals approved at the Special Meeting?
Who will assume responsibility for providing investment management services to the Fund?
When will the Adviser Transition occur?
