SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
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| ☐ | | Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 |
WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
(Name of Registrant as Specified in Its Charter)
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Dear Fellow Stockholder:
The Western Asset Global High Income Fund Annual Meeting of Stockholders on October 25, 2019 (the “Annual Meeting”) is quickly approaching. Ahead of the Annual Meeting, you have an important decision to make regarding the election of directors to your Fund’s Board. Saba Capital, an activist hedge fund, has launched a campaign to replace the Fund’s highly-qualified director nominees, who have been delivering on behalf of stockholders. In contrast, Saba Capital’s nominees lack skills, experience and diversity critical to your Board’s work of overseeing and supervising the management and operations of the Fund. Your Board is committed to defending the Fund against this attack.The leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), recently recommended that stockholders support the Board’s highly-qualified nominees by voting“FOR” the Fund’s director nominees on the WHITE proxy card.
Independent Third Party Experts Agree – Vote the WHITE Proxy Card Today to Support the Fund’s Director Nominees1
Based on all factors, Glass Lewis and ISS conclude, respectively:
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“… we believe long-term investors would be best served supporting the Fund’s proposedcandidates at this time.” - Glass Lewis report dated October 7, 2019 |
“… the dissident has not demonstrated that board level change is warranted at this time.” - ISS report dated October 12, 2019 |
Glass Lewis emphasizes that, if it were to be successful in its campaign:
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“… we expect Saba would undertake the common tack of quickly liquidating its position and reallocating any gains to new opportunities in the satisfaction of its own investment objectives.” - Glass Lewis report dated October 7, 2019 |
With regard to the Fund’s performance, ISS recognizes:
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“In addition to the fund’s TSR [total stockholder return] outperformance relative to peers and a blended benchmark over shorter- and longer-term periods,… the fund’s discount to NAV has been relatively in line with peers’ discount…” - ISS report dated October 12, 2019 |
Follow the Leading Independent Proxy Advisory Firms’ Recommendations – Vote For the Board that Is Serving the Best Interests of All Stockholders
Your vote is important. Protect the value of your investment by supporting a Board that has consistently delivered significant value to all stockholders. Vote“FOR” the Fund’s director nominees and“AGAINST”Saba Capital’s BoardDe-Classification Proposal on the WHITE proxy card today.
Thank you for your continued support.
Sincerely,
The Western Asset Global High Income Fund Inc. Board of Directors
Notes
| 1 | Permission to use quotations neither sought nor obtained. |
Past performance is no guarantee of future results.The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.
All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.
