UPDATE: In April 2026, Impax Environmental Markets launched a 100% tender offer in an effort to buy out the stake held by Saba. The tender offer saw a 78% take-up, but Saba remained a major holder and, a couple of months later, Saba succeeded in ousting the trust's directors, replacing them with its own preferred appointments. The new board served notice on Impax Asset Management in July 2026, asking them to waive all or part of their 12-month notice period. The board has also initiated a Request for Proposal (RFP) process to find a new investment manager or explore strategic alternatives.

Im...