BLACKROCK
SMALLER COMPANIES TRUST PLC
LEI:549300MS535KC2WH4082
Agreement
with Saba
London, January 21 2025
-The Board
of BlackRock Smaller Companies Trust plc ("BRSC" or the "Company")
announces that it has today entered into an agreement with Saba
Capital Management L.P. (`Saba') pursuant to which Saba
has given a
number of undertakings to the Company regarding its shareholding in
BRSC, including as set out below:
-
Saba will
not put forward any proposals to shareholders or requisition any
resolution or general meeting of the Company;
-
Saba will
not seek to change the composition of the Board;
-
Saba will
not seek to control or influence the Board or Fund or the policies
or management of the Fund;
-
where able
to do so, Saba will vote on any resolution at any shareholder
meeting of the Company in accordance with the Board's
recommendation;
-
Saba will
not engage, directly or indirectly, in any short selling of the
Company's shares; and
-
Saba will
not engage in any takeover offer for the company (unless
recommended by the Board or made by an independent third party
without the involvement of Saba) or any other extraordinary
transaction with respect to the Company (other than a transaction
recommended by the Board or on the same basis as other
shareholders),
in each
case for a period lasting until the earlier of the day following
completion of the Company's 2027 annual general meeting of
shareholders or 31 August
2027.
The Board notes that
certain BlackRock closed-end funds in the US and UK have entered
into separate agreements with Saba, each of which was negotiated on
behalf of the applicable fund and approved by such fund's board of
directors.
The Company has given no
monetary consideration to Saba or any of its affiliates in return
for the benefits outlined above, and such benefits do not restrict
the Board's or the Company's independence in any way. The Board is
committed at all times to exercising the best standards of
corporate governance, promoting the success of the Company and
putting first the interests of shareholders as a
whole.
For further information,
please contact:
Press
Enquiries:
Lansons
Communications
Ed Hooper
+44 207
294 3610
edh@lansons.com