Saba Capital Sends a Requisition Letter to Citadel Income Fund
February 27, 2023 at 07:38 am EST
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On February 27, 2023, Saba Capital Management L P announced that it has sent a requisition letter to Citadel Income Fund, asking the Company to convene a special meeting of shareholders for the purpose of replacing the current board and management of the Company, Artemis Investment Management Limited, and approving the Company's wind-up and liquidation. In addition, Saba Capital announced that it has identified significant number of issues at the Company, including abysmal trading performance resulting in discount to Net Asset Value (NAV), a level of Unit redemptions, the Company's historically exorbitant expense ratio, and corporate governance. In addition, Saba Capital Management it has nominated Spencer MacCosham as director to the Company board at the 2023 annual meeting of shareholders.
Citadel Income Fund (the Fund) is a Canada-based closed-end investment trust. The Fundâs investment objectives are to provide its Unitholders with a stable stream of monthly distributions and to preserve and potentially enhance the Net Asset Value (NAV) of the Fund. It seeks to achieve these objectives by investing in a diversified portfolio (the Portfolio) of securities (the Portfolio Securities) consisting of equity securities of principally larger capitalization companies traded on a recognized stock exchange, debt securities, with a minimum of 80% of debt security investments in investment grade debt rated BBB or higher, and income funds. The Fundâs portfolio is managed by Vestcap Investment Management Inc. (the Portfolio Advisor). Artemis Investment Management Limited is the investment fund manager of the Fund.
CITADEL INCOME FUND 
