Impax Environmental Markets (IEM) has produced poor investment performance and is under pressure from activist hedge fund Saba Capital. In May, an exit tender offer saw about 80% of shares tendered. The fund, now much smaller, faces a Requisitioned General Meeting (RGM) on 17 June, where Saba aims to replace the entire IEM board with its own nominees. IEM’s chairman has said that Saba now effectively controls the fund’s strategy, making it likely that Saba’s proposals will be approved. If so, ....