Templeton Global Income Fund Announces Legal Action to Prevent Certification of the Results of the Fund’s Annual Meeting of Shareholders
June 21 2022 - 9:00AM
Business Wire
Templeton Global Income Fund [NYSE: GIM] (the “Fund”),
today announced that the Fund and Saba Capital Management, L.P.
(“Saba”) and related individuals and parties (together, the
“Parties”) have filed a Stipulation and Proposed Order with the
United States District Court in the Southern District of New York
(the “Court”), which has been granted by the Court, for entry of a
status quo agreement and schedule for expedited proceedings,
thereby resolving the Fund’s request for a temporary restraining
order related to the certification of the results of the Fund’s
Annual Meeting of Shareholders held on June 6, 2022 (the “Annual
Meeting”). The Parties agreed that the Annual Meeting results will
not be certified and Saba’s 2022 Trustee nominees will not be
seated before one business day after the Court has issued a ruling
on the Fund’s request for injunctive relief. The Parties also
agreed that the Fund and its current Board of Trustees shall
continue to manage the Fund in the ordinary course of business
consistent with their fiduciary duties and as required by law.
The Fund’s 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 asserts 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 seeks an order
directing 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 For more information, please contact Franklin
Templeton at 1-800-342-5236.
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