Citadel Income Fund, along with the trustee and manager of the Fund, Artemis Investment Management Limited, has entered into a resolution agreement with Saba Capital Management, L.P. in which Saba has agreed to withdraw its previously announced requisition for a special meeting of Unitholders to, among other things, replace Artemis as the Fund’s manager and liquidate the Fund.

Under the terms of the agreement, the fund will commence an offer to redeem for cash, on a pro-rata basis from all unitholders of the fund who tender all or a portion of their fund units to such redemption offer, not less than 7.2 million units at an amount per unit equal to the net asset value less redemption costs equal to 4.5 percent of NAV.

The agreement also contains restrictions on the ability of Citadel to take certain actions during the 12-month standstill period and an expense reimbursement provision.

Goodmans LLP acted for Saba Capital Management, L.P. and Norton Rose Fulbright Canada represented Citadel Income Fund.