On March 22, 2023, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital Management, L.P., submitted to BlackRock California Municipal Income Trust a notice of intent informing the Company of its intention to nominate a slate of 3 independent trustee candidates, Ravi Bhasin, Ilya Gurevich, and Emmanuel Werthenschlag, for election to the Board at the Company's 2023 annual meeting of shareholders. Saba Capital Management stated that it has also notified the Company of its intent to present 4 advisory proposals at the annual meeting asking the Board to (1) give shareholders the right to amend the Company's bylaws, (2) declassify the Board so that all trustees are elected on an annual basis, (3) opt-out of the Delaware Control Share Acquisition Statute, which strips certain voting rights from shareholders owning 10% or more of the Company's stock, and (4) merge the Company with an existing open-end fund.
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07-01 | BlackRock shareholders vote, keep directors in place in Saba saga | RE |
06-28 | BlackRock shareholders vote to keep company directors in place in fight with Saba | RE |
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