SEC Denies No-Action Relief to Fund Regarding Exclusion of Shareholder Proposal
The SEC issued a notice denying a no-action relief request by the Clough Global Equity Fund (the "Fund"). The request asked for Opportunity Partners L.P.'s shareholder proposal and supporting statement (the "Proposal") to be omitted from the proxy materials for the Fund's 2015 Annual Meeting of Shareholders. The proposal would require the Fund to conduct a self-tender and, potentially, to liquidate.
The SEC explained that it does not share the Fund's view that the Proposal may be excluded under Rule 14a-8(i)(3), nor does it believe that the Proposal "is so inherently vague or indefinite that neither the shareholders voting on the Proposal, nor the Fund in implementing the Proposal, would be able to determine with any reasonable certainty what actions or measures the Proposal requires."