US raider Boaz Weinstein blocks Herald funding belief deal in contemporary energy seize

Embattled Herald investment trust suffered a blow as a US raider refused an offer that would have seen it end its bid to take control of the firm.

The London-listed trust had offered investors the chance to offload their shares at a price equal to the value of its assets. The assets are valued at 2754p per share, a 9.5 per cent premium to its stock price of 2515p.

But Herald was forced to cancel the offer after Saba Capital – which is run by New York hedge fund manager Boaz Weinstein and controls more than 30 per cent of the shares – voted down the plans. 

That was seen as a sign that it would continue its long-running efforts to seize control of the trust after attempting to oust the board of directors last year. 

As the vote needed more than 75 per cent support, Saba effectively held a veto over the plans due to its holding in the trust.  Herald said the ‘vast majority’ of other investors had supported the offer to sell.

A trust spokesman said it remained in ‘ongoing discussions’ with the US firm about a new offer that Saba would be more likely to accept.

Vetoed: Saba Capital, which is run by New York hedge fund manager Boaz Weinstein, pictured, controls more than 30% of the shares in Herald investment trust