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Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Stockholders Vote “FOR” Western Asset Global High Income Fund’s Director Nominees

Nachrichtenquelle: Business Wire (engl.)
14.10.2019, 22:52  |  343   |   |   

Western Asset Global High Income Fund Inc. (NYSE: EHI) (“the Fund”) today announced that two of the leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), recommend that stockholders vote “FOR” the Fund’s highly-qualified and experienced director nominees – Eileen A. Kamerick and Robert D. Agdern – on the WHITE proxy card in connection with the Annual Meeting of Stockholders scheduled for 9:00 a.m. Eastern Time on October 25, 2019.

In their reports dated October 12, 2019, and October 7, 2019, respectively, ISS and Glass Lewis noted1:

  • “In addition to the fund's TSR [total stockholder return] outperformance relative to peers and a blended benchmark over shorter- and longer-term periods, ending on both the unaffected date and extending through to Oct. 8, 2019, the fund's discount to NAV has been relatively in line with peers' discount over the last five years and had already begun to narrow prior to the dissident's public disclosures.” ISS report dated October 12, 2019
  • “… the fund's discount has narrowed from 19 percent in January 2016, (the point over the last five years at which its discount was greatest), to 9 percent in October 2019. This suggests that management's efforts focused on discount reduction measures appear to be working and could be the result of the fund's ongoing fee reduction management, share repurchases, and increased distributions to shareholders.” ISS report dated October 12, 2019
  • Saba Capital’s activist campaign “is very likely to advance short-term initiatives aimed at creating a brief uplift in trading prices, after which we expect Saba would undertake the common tack of quickly liquidating its position and reallocating any gains to new opportunities in the satisfaction of its own investment objectives.” Glass Lewis report dated October 7, 2019
  • “… because Saba has not offered any meaningfully detailed alternatives, ordinary investors are largely left to assume Messrs. Basile and Gabriel would advance many of the same outcomes the Dissident is well-known for promoting (e.g. large-scale share buybacks, open-ending the fund)… we do not consider these outcomes are particularly well-supported by Saba's core quantitative arguments, nor do we consider Messrs. Basile and Gabriel have experience relevant to the pursuit of these outcomes.” Glass Lewis report dated October 7, 2019
  • “In light of these factors, the dissident has not demonstrated that board level change is warranted at this time. As such, votes for all incumbent directors on the management (WHITE) card are warranted.” ISS report dated October 12, 2019

“We are pleased that ISS and Glass Lewis have recommended that stockholders support the Fund’s highly-qualified director nominees,” said Jane E. Trust, Chairman, President and Chief Executive Officer of Western Asset Global High Income Fund. “Our top priority is generating high current income and strong total returns, and the support of both independent proxy advisory firms reaffirms our belief that the Board has the right mix of independence, diversity and relevant expertise to continue to deliver on these objectives.”

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