24 January 2025

Baillie Gifford US Growth Trust plc

Legal Entity Identifier: 213800UMIOUWXZPKE539

Independent Professional Voting Advisers Recommend Shareholders Vote "AGAINST" Saba

The Board of Baillie Gifford US Growth Trust plc (the "Company") notes the publication of the voting recommendations from independent voting experts Glass Lewis, ISS and PIRC, in relation to the Company's forthcoming Requisitioned General Meeting.

All three LEADING VOTING EXPERTS have recommended that shareholders VOTE AGAINST the Requisitioned Resolutions at the Requisitioned General Meeting to be held at noon on 3 February 2025.

Industry-leading governance experts Glass Lewis, ISS and PIRC share the Board's concerns about the future of the Company should the proposals put forward by Saba, a US hedge fund manager, be voted through.

These recommendations are in line with the unanimous recommendation of the Company's independent Board, which outlined its recommendation to VOTE AGAINST the Requisitioned Resolutions in the circular posted to Shareholders on 6 January 2025 (the "Circular") (a copy of which is available on the Company's website at bgusgrowthtrust.com). Saba is counting on Shareholders not voting their Shares to give them the best chance of taking effective control of the Company. Accordingly, it is very important that all Shareholders, irrespective of the number of Shares they hold, vote on the Requisitioned Resolutions as the future of their investment depends on it.

THE DEADLINE FOR PROXY VOTING CLOSES AT 12.00 NOON ON 30 JANUARY 2025. DEADLINES FOR VOTING THROUGH PLATFORMS MAY BE EARLIER.

Any Shareholders needing help or assistance in voting their Shares before the deadline should email USA@georgeson.com for more information.

Unless the context provides otherwise, capitalised terms used in this announcement shall have the same meanings given to them in the Circular.

Tom Burnet, Chairman of Baillie Gifford US Growth Trust plc, said:

"Baillie Gifford US Growth is a top performing investment trust with a wholly independent Board, so we are pleased to see that all three major independent voting advisers have agreed with the Board's unanimous recommendation to VOTE AGAINST the Requisitioned Resolutions. These experts echo the Board's concerns that Saba's proposals are inconsistent with the highest standards of corporate governance they claim to represent and present potential material conflicts of interest.

Saba is counting on other shareholders, and in particular retail investors, not voting their shares to give them the best chance of taking effective control of the investment trusts they've requisitioned, including our Company.

On 22 January, Herald Investment Trust's shareholders made themselves heard at its Saba-requisitioned General Meeting where 99.8% of the votes cast by non-Saba shareholders voted against the requisitioned resolutions. Our Shareholders, big and small, must also make themselves heard at our Company's Requisitioned General Meeting - they need to vote against all the resolutions to send a clear message to Saba that their self-serving proposals are unwanted. The voting deadline is approaching on 30 January and we again urge Shareholders to protect their investment by voting against Saba's destructive proposals."

Enquiries:

Company 

Tom Burnet

c/o Burson Buchanan

USA@buchanancomms.co.uk

+44 (0)20 7466 5000

Panmure Liberum Limited

Alex Collins / Michael Janes

info@panmureliberum.com

+44 (0)20 3100 2000

Burson Buchanan

Henry Wilson / Helen Tarbet

USA@buchanancomms.co.uk

+44 (0)20 7466 5000

Company Secretary

Baillie Gifford & Co Limited, Company Secretary

trustenquiries@bailliegifford.com  

+44 (0)800 917 2113