After Herald Investment Trust yesterday defeated the motions proposed by Saba Capital to replace its board with an 80% voter turnout, broker Stifel said "the battle is far from over".
The voter turnout was "quite strong", analysts said, also noting that apart from Saba's own votes from its near-30% shareholding, it was joined by investors representing just 0.15% of the total votes cast.
Saba has also requisitioned similar shareholder meetings with six other investment trusts, with votes still to come next month.
The boards of the other six "will be pleased" to see the fairly resounding Herald result, the Stifel team said, "though efforts to engage private investors continue to be key".
The 2% rise of Herald shares yesterday is not much to shout about, however, which the analysts said is likely to reflect "the fact that Saba is unlikely to simply walk away now and sell into the market, and we think demands for tenders may come next".
Indeed, Saba boss Boaz Weinstein said there isn't a "we would walk-away scenario" irrespective if they win or lose in an interview with The Sunday Times last week, and a spokeswoman for Saba has since said "We will continue to pursue the changes that we believe are necessary".