Baillie Gifford notes receipt of requisition notice from Saba

Baillie Gifford has confirmed receipt of a requisition notice from Saba Capital, which seeks to convene a general meeting of the Baillie Gifford US Growth Trust (USA). The notice, submitted under the Companies Act, aims to initiate a shareholder-led meeting. This follows Saba’s recent unsuccessful attempt to remove the trust’s board at the annual general meeting in Edinburgh, where the board was narrowly re-elected with 51%.

Saba, which holds a 29% stake in the trust, voted against the re-election of the chair and three non-executive directors. The activist investor has previously attempted to influence the board’s composition, with a similar effort in February also failing to secure sufficient shareholder support. Saba has not put forward replacement candidates in this instance but has continued to press for changes, citing concerns over performance and governance.

Tom Burnet, the trust’s chair, criticized Saba’s approach, noting that a successful removal of the board would have placed the trust in breach of legal and regulatory requirements. The trust has seen a 22.1% underlying gain in the year to May 2026, though its share price remains at 9% discount to net asset value.

The outcome of Saba’s latest move remains uncertain, but it highlights the ongoing tensions between activist investors and investment trust boards in the UK market.