USA shareholders reject Saba nominees at annual general meeting

what happened

The annual general meeting of Baillie Gifford US Growth Trust plc, ticker USA, was held on 23 October 2026, according to a report published by Result of AGM. All ordinary resolutions from four to twelve were approved, including the re-election of directors and the annual report for the year ended 31 May 2026.

The three resolutions proposed by Saba were voted down. About 47.2% of votes cast supported the appointment of Jason Chen, Thomas H. McGlade and James Waterlow. The board noted that votes for these candidates came almost entirely from Saba and Sessa Capital. Excluding their votes, 99.2% of votes cast matched the board's recommendations.

Special resolutions 13 and 14, covering the disapplication of pre-emption rights and market purchases of the company's own shares, did not pass. The company will consult major shareholders and report on next steps within six months, as the AIC Code requires.

why it matters

For markets, this is a governance story about a closed-end investment trust. Failing to secure buyback authority removes a tool that trusts commonly use to narrow the discount of their share price to net asset value. The dispute with Saba and Sessa Capital remains open.

market impact

USA shares on the London Stock Exchange: a prolonged activist dispute and no buyback authority may affect the discount to NAV.

tags

instruments