other material
confidence high
sentiment neutral
materiality 0.50
ETO board exempts control share acquisitions after court ruling
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
- Board voted to exempt all prior and new share purchases from Control Share By-Law provisions.
- Decision follows Jan 23, 2023 MA Superior Court ruling that by-law violates Section 18(i) of Investment Company Act 1940.
- Court partially upheld board's fiduciary duty; litigation with Saba Capital continues.
- Exemption applies to ETO and other Eaton Vance closed-end funds listed in the announcement.