NEW YORK--(BUSINESS WIRE)--Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) (the "Fund") today announced that at its Annual Meeting of Shareholders held on December 5, 2019, shareholders voted overwhelmingly to re-elect the Fund’s current trustees who were up for election – three Class I Trustees re-elected by the holders of common shares and preferred shares, voting together as a single class, and two Trustees re-elected by the holders of preferred shares voting as a separate class. Shareholders rejected nominees proposed by hedge fund Saba Capital Management, L.P. and its affiliates (“Saba”) and also rejected by a significant margin Saba’s non-binding proposal to declassify the Fund’s Board.
“We want to thank the Fund’s shareholders for their active participation in protecting their long-term investment value,” said Terence J. Toth, Chair of the NUO Board of Trustees. “The voting results are a strong endorsement of the investment experience NUO has delivered under the Board’s pro-active leadership.”
Mr. Toth added: “In rejecting Saba’s declassification proposal, NUO shareholders affirmed our view that closed-end funds are fundamentally different from public operating companies. A classified board structure helps protect closed-end funds from disruptive attacks by activist investors seeking short-term benefits at the expense of a fund and its long-term shareholders.”
Final Certified Voting Results
Election of Trustees
Class I Nominees |
For |
Withhold |
Board Nominees |
||
Judith M. Stockdale |
7,741,515 |
348,467 |
Carole E. Stone |
7,741,942 |
348,040 |
Margaret L. Wolff |
7,743,803 |
346,178 |
Saba Nominees |
||
David Basile |
3,477,289 |
38,488 |
Peter Borish |
3,477,289 |
38,488 |
Charles Clarvit |
3,477,289 |
38,488 |
|
||
Preferred Nominees |
For |
Withhold |
William C. Hunter |
1,480 |
0 |
Albin F. Moschner |
1,480 |
0 |
Declassification Proposal
For |
Against |
Abstain |
5,105,485 |
6,283,668 |
216,607 |
These results have been certified by First Coast Results, Inc., the independent Inspector of Election.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has more than $1 trillion in assets under management as of September 30, 2019 and operations in 24 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
EPS- 1036168PR-E1219