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Early Warning Report Issued Pursuant to National Instrument 62‐103

Saba Capital announces sale of Citadel Income Fund Units pursuant to Special Redemption

NEW YORK, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that Saba has sold 1,936,583 units (“Units”) of Citadel Income Fund (“Citadel” or the “Fund”) in connection with the special redemption by the Fund of 7,186,900 Units (the “Special Redemption”). As of the date hereof, funds managed by Saba hold 239,431 Units, representing approximately 7.68% of Citadel’s issued and outstanding Units. The redemption price per Unit was $3.3818.

Pursuant to a settlement agreement entered into between Saba, Citadel and Artemis Investment Management Limited on September 14, 2023 (the “Settlement Agreement”), Saba has agreed that, if the Special Redemption occurred prior to December 7, 2023, it will vote any Units it beneficially owns at any meeting of Unitholders held in the period that is 12 months following the date of the Settlement Agreement in favour of certain amendments to Citadel’s Declaration of Trust including amendments to Citadel’s investment strategy, objectives, and restrictions for the limited purpose of permitting Citadel to, and only to the extent required to permit Citadel to, exclusively invest in a portfolio of resale residential real estate properties in Canada through co-ownership agreements with homebuyers and reducing the management expense ratio (which includes the management fee) to a cap of 2.5% and to remove the annual and monthly redemption rights of Unitholders (the “Conversion”). After giving effect to the Conversion, the Fund will no longer be an investment fund, and will operate as a non-investment fund reporting issuer. Saba has also agreed to certain standstill restrictions if the Special Redemption occurred prior to December 7, 2023.

The Units are being held by Saba for investment purposes and Saba’s position may be increased or decreased as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the Early Warning Report to be filed by Saba in connection with the transactions described above will be available on the Fund’s SEDAR profile at

A copy of this news release may be obtained on Citadel's SEDAR+ profile at The head office of Citadel is 1325 Lawrence Avenue East, Suite 200 Toronto, ON M3A 1C6. The address of Saba is 405 Lexington Avenue, 58th Floor New York, NY 10174.

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, the Firm is a pioneer of credit relative value strategies and capital structure arbitrage. The Firm is headquartered in New York City at 405 Lexington Avenue, 58th Floor New York, NY 10174. Learn more at

For further information:
Michael D'Angelo
General Counsel