Leading Proxy Advisory Firm ISS Recommends FTF Shareholders Vote "FOR" Saba's Full Slate of Director Nominees
October 20 2016 - 4:06PM
Business Wire
Saba Capital Management, L.P. (“Saba”) today announced that
Institutional Shareholder Services (“ISS”), the leading independent
proxy advisory firm, has recommended that Franklin Templeton
Limited Duration Income Trust (NYSE MKT:FTF) (“FTF”) shareholders
vote “FOR” all three of
Saba’s director nominees in connection with FTF’s Annual Meeting on
October 28, 2016.
In its October 19, 2016 report, ISS* stated:
- “...all three dissident nominees –
apart from simply injecting a much needed shareholder perspective –
bring skills and experience that could enhance shareholder
value.”
- “As of March 3, 2016…the fund
underperformed its peer group median and blended index over a
three-year period by 5.1 and 15.6 percentage points,
respectively.”
- “As the fund's underperformance
relative to peers suggests that additional shareholder perspective
on the board might be beneficial, support…is warranted.”
Paul Kazarian, Head of Closed-End Funds and ETFs at Saba
Capital, said, “We are extremely pleased that ISS agrees with Saba
that change is warranted on the FTF Board. Saba has been working
hard to bring about such a change for the benefit of all FTF
shareholders. FTF’s recent announcement of a tender offer and
dividend increase has done nothing to reduce FTF’s sizable discount
to net asset value. Today’s ISS recommendation further underscores
that closed-end fund boards must be held accountable for serial
underperformance.”
*Permission from ISS neither sought nor obtained.
About Saba Capital
Saba Capital Management, L.P. is a credit hedge fund based in
New York.
Saba Capital Management, L.P., Saba Capital Master Fund, Ltd.,
Boaz Weinstein, Ronald Mass, Thomas McGlade, and Peter Tchir
(collectively, the “Participants”) have filed with the Securities
and Exchange Commission (the “SEC”) a definitive proxy statement
and accompanying form of proxy card to be used in connection with
the solicitation of proxies from the shareholders of Franklin
Limited Duration Income Trust (the “Fund”). All shareholders of the
Fund are advised to read the definitive proxy statement and other
documents related to the solicitation of proxies by the
Participants, as they contain important information, including
additional information related to the Participants. The proxy
statement and an accompanying proxy card have been or will be
furnished to some or all of the Fund's shareholders and are, along
with other relevant documents, available at no charge on the SEC
website at http://www.sec.gov/.
Information about the Participants and a description of their
direct or indirect interests by security holdings is contained in
the definitive proxy statement on Schedule 14A filed by the
Participants with the SEC on September 15, 2016. This document is
available free of charge from the source indicated above.
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MediaGasthalter & Co.Jonathan Gasthalter/Amanda
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