Neuberger Berman High Yield Strategies Fund Stockholders Reject Closed-End Fund Raider
Neuberger Berman Investment Advisers LLC
NEW YORK, October 8, 2019 — Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the “Fund”) has announced the preliminary results provided by the independent inspector of elections, from the Annual Meeting of Stockholders held on October 3, 2019, in which proposals from a closed-end fund raider were resoundingly rejected.
The Fund’s stockholders rejected Saba’s proposals by greater than 2 to 1 margins when excluding votes from Saba and other entities that follow Saba’s short-term arbitrage strategy. The overall results are as follows:
- Saba failed to have its dissident nominees elected;
- Saba was defeated on its proposal to terminate the Fund’s investment management agreement with Neuberger Berman Investment Advisers LLC (“Neuberger Berman”); and
- Neuberger Berman and the Fund’s Board remain committed to enhancing long-term stockholder value and will carefully review the final results of the approved non-binding proposal to consider conducting a tender offer.
The overall support of the Fund’s stockholders, other than Saba and its followers, is consistent with the recommendations of Institutional Shareholder Services Inc., Glass, Lewis & Co., LLC and Egan-Jones Ratings Co., who independently reviewed the proposals and recommended against Saba every single time (25 separate recommendations detailed in the chart below).
The Fund’s incumbent directors remain on the board. The final results, as certified by the independent inspector of elections, will be published in the Fund’s next report to stockholders.
Preliminary Results on Proposal to Terminate the Fund’s Investment Management Agreement*
|Against Termination||For Termination||Abstains|
|NHS Investors (ex-Saba and its followers)||3,234,693||1,435,855||392,681|
|Saba and its followers||0||3,852,147||0|
Preliminary Results on Non-binding Proposal to conduct a Tender Offer
|Against Non-Binding Tender Proposal||For Non-Binding Tender Proposal|
|NHS Investors (ex-Saba and its followers)||3,268,508||1,414,674|
|Saba and its followers||0||3,852,147|
Recommendations of Proxy Advisory Firms
|Institutional Shareholder Services Inc.||Glass, Lewis & Co., LLC||Egan-Jones Rating Co.|
|NHS Incumbent Board Directors||Support All||Support All||Support All|
|Saba’s Dissident Board Nominees||Withhold All||Withhold All||Withhold All|
|Saba Proposal to Terminate Investment Management Agreement||Against||Against||Against|
|Saba Proposal to Conduct Tender Offer||Against||Against||Against|
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s team is more than 2,100 professionals. For five consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $333 billion in client assets as of June 30, 2019. For more information, please visit our website at www.nb.com.