Templeton Global Income Fund’s Board of Trustees Selects Saba Capital as New Investment Adviser
26 Août 2023 - 12:00AM
Business Wire
Templeton Global Income Fund (NYSE: GIM) (“GIM” or the “Fund”)
today announced that the Fund’s Board of Trustees (the “Board”) has
selected Saba Capital Management, L.P. (“Saba”) to serve as the new
investment adviser of the Fund (the “Adviser Transition”) and to
replace the Fund’s current investment adviser, Franklin Advisers,
Inc. (“Franklin”).
In light of the Fund’s underperformance compared to its peers
over various periods, the Board established a Special Committee to
review options for addressing the Fund’s performance and the
Committee ultimately decided to commence a search for and select a
new investment adviser for the Fund. The Special Committee, which
consisted solely of independent trustees, conducted a request for
proposal process involving several investment advisers.
After careful evaluation, the Special Committee recommended Saba
based on the firm’s investment capabilities and track record,
including its management of the Saba Capital Income &
Opportunities Fund (“BRW”), another publicly-traded closed-end fund
that has an investment strategy similar to that proposed for
GIM.
The Adviser Transition is contingent upon approval by the Fund’s
shareholders of a new investment management agreement to be entered
into between the Fund and Saba that will be described in a related
proxy statement.
The Fund anticipates holding a special shareholder meeting (the
“Special Meeting”) in the early part of the fourth quarter where
the new investment management agreement and related matters will be
presented for approval.
The Fund also announced today that, upon the recommendation of
the Special Committee, the Board intends to consider a self-tender
offer for a significant number of the Fund’s outstanding shares to
be conducted in the near future (prior to the effective date of the
Adviser Transition if approved by shareholders).
About the Fund
Templeton Global Income Fund (NYSE: GIM) is a publicly-traded,
closed-end fund registered under the Investment Company Act of
1940. For further information about the Fund, please visit:
https://www.franklintempleton.com/investments/options/closed-end-funds/products/146/SINGLCLASS/templeton-global-income-fund-inc/GIM.
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset
management firm that seeks to deliver superior risk-adjusted
returns for a diverse group of clients. Founded in 2009 by Boaz
Weinstein, Saba is a pioneer of credit relative value strategies
and capital structure arbitrage. Saba is headquartered in New York
City. Learn more at www.sabacapital.com.
Additional Information and Where to
Find It
In connection with the Adviser Transition, the Fund intends to
file relevant materials with the SEC, including a preliminary proxy
statement on Schedule 14A. Promptly after filing its definitive
proxy statement with the SEC, the Fund will make available the
definitive proxy statement and a proxy card to each shareholder
entitled to vote at the Special Meeting relating to the appointment
of Saba as investment adviser to the Fund. INVESTORS AND
SHAREHOLDERS OF THE FUND ARE URGED TO READ THESE MATERIALS
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ANY OTHER
RELEVANT DOCUMENTS IN CONNECTION WITH THE ADVISER TRANSITION THAT
THE FUND WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE
THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE FUND
AND THE ADVISER TRANSITION. The definitive proxy statement, the
preliminary proxy statement and other relevant materials in
connection with the Adviser Transition (when they become
available), and any other documents filed by the Fund with the SEC,
may be obtained free of charge at the SEC’s website
(http://www.sec.gov), or by directing such requests to the
Fund.
There can be no assurance that the tender offer referenced in
this release will be approved and completed. If a tender offer is
commenced, it will be made only pursuant to an offer to purchase,
letter of transmittal and related materials that the Fund would
distribute to its shareholders and file with the SEC. If the offer
is made, shareholders and investors should read carefully the offer
to purchase, letter of transmittal and related materials because
they would contain important information, including the various
terms of, and conditions to, the tender offer. This press release
is for informational purposes only and does not constitute any
offer to buy or the solicitation of any offer to sell shares of the
Fund.
Participants in the
Solicitation
The Fund and its trustees, along with Saba, may be deemed to be
participants in the solicitation of proxies from the Fund’s
shareholders with respect to the Adviser Transition. Information
about the Fund’s trustees and their ownership of the Fund’s shares
is set forth in the proxy statements on Schedule 14A filed with the
SEC on June 2, 2023, and any beneficial ownership reports on Forms
3, 4 or 5 filed subsequent thereto. Information regarding Saba and
its ownership of the Fund’s shares is set forth in the Schedule 13D
initially filed by Saba with the SEC on November 18, 2020, as
amended most recently on August 18, 2023, and any beneficial
ownership reports on Forms 3, 4 or 5 filed subsequent thereto.
Information regarding the identity of the potential participants,
and their direct or indirect interests in the Adviser Transition,
by security holdings or otherwise, will be set forth in the proxy
statement and other materials to be filed with SEC in connection
with the Adviser Transition.
Forward Looking
Statements
This press release contains forward-looking statements subject
to the inherent uncertainties in predicting future results and
conditions. Any statements that are not statements of historical
fact (including statements containing the words “believes,”
“plans,” “anticipates,” “expects,” “estimates” and similar
expressions) should also be considered to be forward-looking
statements. Certain factors could cause actual results and
conditions to differ materially from those projected in these
forward-looking statements, including the ability of Saba to
implement successfully its proposed investment strategy for the
Fund and whether a tender offer will be approved and completed and
the extent to which any such offer, if conducted, would be
accretive or not to the Fund. These factors are identified from
time to time in our filings with the SEC. We undertake no
obligation to update such statements to reflect subsequent
events.
Past performance of Saba or its strategies, or of BRW, does not
guarantee any future results for the Fund. The reference to BRW is
informational only and is not intended to predict the performance
of the Fund. In addition, there can be no assurance that the Fund
will achieve its investment objectives even with new
management.
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version on businesswire.com: https://www.businesswire.com/news/home/20230825635490/en/
Longacre Square Partners Greg Marose / Charlotte Kiaie,
646-386-0091 gmarose@longacresquare.com /
ckiaie@longacresquare.com
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