Saba-Nominated Trustees Now Constitute a Majority of the Templeton Global Income Fund’s Board
Saba Capital Management, L.P. (“Saba” or “we”), a significant shareholder of the Templeton Global Income Fund (NYSE: GIM) (“GIM” or the “Fund”), today reacted to the Fund’s withdrawal of its self-serving litigation that delayed the rightful election of four Saba-nominated trustees to the Fund’s Board of Trustees (the “Board”).
The Fund’s decision to abandon its litigation comes after the United States District Court for the Southern District of New York (the “Court”) denied the Fund’s motion for a preliminary injunction to invalidate the election of Saba’s nominees to the Board.
Saba’s candidates will now be able to take their rightful seats on the Board.
Boaz Weinstein, Founder and Chief Investment Officer at Saba, said:
“Franklin Templeton’s abandoned litigation is a black eye for one of the world’s largest asset managers. It comes as no surprise that Franklin Templeton has thrown in the towel after wasting more than seven months and millions of dollars on its attempt to deny the seating of duly elected Board members, while GIM shareholders continued to suffer from years of poor performance.
While all signs pointed to a Saba victory from the start, we were particularly surprised that Franklin Templeton chose to continue this litigation after it became public that it set the record date for the shareholder vote only after securing a secret agreement with First Trust Portfolios, the Fund’s second largest investor. It’s shocking that Franklin Templeton backdated critical information in its proxy and filed a false proxy statement with the U.S. Securities and Exchange Commission in order to disguise the actual ownership of the Fund.
On behalf of all shareholders, we call upon Franklin Templeton and Charles B. Johnson—personally—to immediately refund the many millions of dollars it squandered on proxy and legal fees paid by the Fund’s shareholders and Franklin Resources Inc.’s (NYSE: BEN) shareholders respectively. In addition, the Fund’s shareholders should be refunded all advisory fees taken after the June 6, 2022 election.
We believe shareholders finally have a Board that is equipped to improve the Fund’s performance and ultimately create long-term value.”
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.
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