NEW YORK, March 31, 2022–(BUSINESS WIRE)–Saba Capital Income & Opportunities Fund (NYSE: BRW) (the “Fund”), a New York Stock Exchange-listed closed-end investment company, today announced that its board of directors had approved a consolidation of shares (the “Consolidation”) of the common shares of the Fund at a ratio of 1:2. The effective date of the Consolidation, which is the date on which the common shares of the Fund will begin trading on a split-adjusted basis, will be May 20, 2022.
From the Effective Date, two issued and outstanding Common Shares of the Fund will be converted into one Common Share. The common shares of the Fund will continue to trade on the New York Stock Exchange under the symbol “BRW”. The Fund intends to issue fractional shares in connection with the Combination.
The Reverse Split will reduce the number of authorized common shares of the Fund from 85,058,986 shares to 42,529,493 shares.
About Saba Capital
Saba Capital Management, LP is a registered investment adviser founded in 2009. Saba is a spin-out of a proprietary investment group founded by Boaz Weinstein at Deutsche Bank in 1998. Saba manages $3.8 billion across four main strategies: Credit Relative Value, Tail Hedge, SAVS and closed-end funds. Saba’s investors are primarily institutions and include public and corporate pension plans, endowments and foundations, family offices, banks and insurers, private banking wealth platforms, funds of funds and certain wealthy individuals.
This press release contains forward-looking statements subject to the uncertainties inherent in predicting future results and conditions. All statements that are not statements of historical fact (including statements containing the words “believes”, “plans”, “anticipates”, “expects”, “estimates” and similar expressions) should also be considered as forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in the Fund’s filings with the Securities and Exchange Commission. The Fund undertakes no obligation to update these statements to reflect subsequent events, except as required by law.
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