SDCL Efficiency Income Trust plc (LSE: SEIT) announced it will hold a general meeting on Oct. 15, 2026, to consider the appointment of two non-independent, non-executive directors nominated by its largest shareholders.
Boaz Weinstein, founder and chief investment officer of Saba Capital Management, and Richard Pavry are the proposed appointees. Saba Capital, which held approximately 27.8% of voting rights as of Sept. 23, 2026, nominated Weinstein. General Atlantic SD (Bermuda), which held approximately 16% of issued share capital as of Aug. 31, 2026, nominated Pavry.
Both nominees would be classified as non-independent directors and would not receive director fees or expense reimbursements. The board unanimously recommended that shareholders vote in favor of both resolutions. Saba Capital and General Atlantic confirmed they intend to vote their holdings in favor, and existing directors holding 248,500 shares—representing 0.02% of issued share capital—also intend to support the appointments, the company said.
The proposed directors would participate in reviewing and approving asset disposal proposals, subject to governance and conflict-of-interest arrangements. The company said arrangements would be put in place to manage conflicts and safeguard confidential information, which may require the directors to recuse themselves from certain board meetings. Weinstein and Pavry may share information received in their capacity as non-executive directors with their nominating shareholders, subject to applicable law and market abuse regulations.
The board appointments come as the trust continues a wind-down process. On July 10, 2026, shareholders approved a change to the company’s investment objective to adopt a wind-down mandate, with 98.12% of votes cast in favor. The company has stated it aims to realize all portfolio assets in an orderly manner under the revised objective.
