Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that Voya Prime Rate Trust (NYSE: PPR) shareholders have elected all eight of Saba’s nominees – Aditya Bindal, Peter Borish, Karen Caldwell, Charles Clarvit, Ketu Desai, Kieran Goodwin, Andrew Kellerman and Neal Neilinger – to the Board of Trustees (the “Board”), thereby replacing the full Board. Additionally, shareholders voted in favor of Saba’s non-binding proposal to tender 40% of PPR shares outstanding.
These results have been certified by the independent Inspector of Election for the Voya Prime Rate Trust 2020 Annual Meeting of Shareholders.
Pierre Weinstein, Partner of Saba, said, “We are pleased that our fellow shareholders recognize that change is required at PPR to protect and enhance the value of their investments. Through the election of all of Saba’s qualified, independent Trustees and the passage of our proposed non-binding tender offer, PPR investors have clearly voiced their desire for proper oversight, diverse perspectives, and, importantly, a narrowing in PPR’s discount to NAV.
“That this victory comes after an attempt to change the voting standard – which resulted in litigation that Saba won and PPR has since twice appealed – is evidence of the lengths closed-end fund boards will go to entrench themselves, and the efforts Saba will take to uphold good governance. We thank all shareholders for their support.”
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.
Jonathan Gasthalter/Amanda Klein
Gasthalter & Co.