IN BRIEF: Saba turns sights on Baillie Gifford US Growth Trust

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Baillie Gifford US Growth Trust PLC - investment trust managed by Baillie Gifford & Co Ltd that invests in US growth stocks for a minimum of five years - Receives requisition notice from Saba Capital Management LP requesting resolutions at the trust's annual general meeting in September to appoint three new directors of its choosing. The New York-based activist investor has a 29% stake in Baillie Gifford US Growth Trust, and in December last year used its voting power to block a proposed merger of the company with Edinburgh Worldwide Investment Trust PLC, also managed by Baillie Gifford.

The directors proposed by Saba are Jason Chen, Thomas McGlade and James Waterlow. Chen back in June was installed by Saba on the board of Impax Environmental Markets PLC, as Saba continues its campaign to gain control of a string of London-listed investment trusts.

Baillie Gifford US Growth Trust on Monday asks shareholders to take no action ahead of a further announcement from the board.

Current stock price: 327.15 pence, down 0.3% in London early Monday

12-month change: up 23%

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