Templeton Global Income Fund Announces Legal Action to Prevent Certification of the Results of the Fund’s Annual Meeting of Shareholders
June 13 2022 - 6:00AM
Business Wire
Templeton Global Income Fund [NYSE: GIM] (the “Fund”),
today announced that the Fund and a Fund shareholder have filed a
complaint and temporary restraining order request in United States
District Court in the Southern District of New York seeking to
prevent the certification of the results of the Fund’s Annual
Meeting of Shareholders held on June 6, 2022 (the “Annual
Meeting”).
The complaint alleges that, over the weekend prior to the Fund’s
Annual Meeting, Saba Capital Management, L.P. and related
individuals and parties (together, “Saba”) struck—but kept secret—a
deal to pay at least one large institutional shareholder a
significant premium to the market price of the Fund’s shares, with
an additional premium if Saba’s nominees prevailed at the Annual
Meeting. The complaint argues that federal securities laws
expressly require that any such arrangements be fully disclosed
with sufficient time to be absorbed by shareholders whose votes may
be impacted. The complaint alleges that Saba failed to make those
required disclosures, keeping its deal secret until after the
Annual Meeting had concluded. The complaint requests that a new
vote be held after Fund shareholders have had the benefit of true
and complete information about Saba’s conduct and an opportunity to
cast informed votes.
For further information on Templeton Global
Income Fund, please visit our web site at:
www.franklintempleton.com
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers boutique specialization on a global scale,
bringing extensive capabilities in equity, fixed income,
multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.45 trillion in assets under management as of May
31, 2022. For more information, please visit
franklintempleton.com.
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Media Contact Prosek Partners Brian Schaffer
bschaffer@prosek.com
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