13D Filing: Saba Capital and Clough Global Opportunities Fund (GLO)

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Saba Capital Management 0 7,379,266 0 7,379,266 7,379,266 14.31%
Boaz R. Weinstein 0 7,379,266 0 7,379,266 7,379,266 14.31%

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Page 1 of 24 – SEC Filing

SECURITIES
AND EXCHANGE COMMISSION
 
Washington,
D.C. 20549
 
   
SCHEDULE
13D/A
 
Under
the Securities Exchange Act of 1934
(Amendment
No. 7)*
 

Clough
Global Opportunities Fund

(Name
of Issuer)
 

Common
Shares, no par value

(Title
of Class of Securities)
 

18914E106

(CUSIP
Number)
 

Saba
Capital Management, L.P.

405 Lexington
Avenue

58th
Floor

New York,
NY 10174

Attention:
Michael D’Angelo

(212)
542-4635

 

with
a copy to:

 

Eleazer
Klein, Esq.

Schulte
Roth & Zabel LLP

919 Third
Avenue

New York,
New York 10022

(212)
756-2000

(Name,
Address and Telephone Number of Person
Authorized
to Receive Notices and Communications)
 

July
10, 2017

(Date
of Event Which Requires Filing of This Statement)
 

If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]

 

(Page
1 of 6 Pages)

______________________________

* The remainder of this cover page
shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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Page 2 of 24 – SEC Filing

The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act
of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

7,379,266

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

7,379,266

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

7,379,266

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.31%1

14

TYPE OF REPORTING PERSON

PN; IA

____________________________

1 The percentages used in this Schedule 13D/A
are calculated based upon 51,559,059 Shares outstanding as of July 10, 2017 as provided for in the Standstill Agreement
(defined below), which is filed herewith.

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Page 3 of 24 – SEC Filing

This Amendment No. 7
(“Amendment No. 7”) amends and supplements the statement on Schedule 13D filed with the Securities and Exchange
Commission (the “SEC”) on January 6, 2017 (the “Original Schedule 13D,” as amended herein
and through previous amendments, the “Schedule 13D”) with respect to the shares of common stock, no par value
(the “Shares”), of Clough Global Opportunities Fund (the “Issuer”). Capitalized terms used
herein and not otherwise defined in this Amendment No. 7 have the meanings set forth in the Original Schedule 13D and subsequent
amendments. This Amendment No. 7 amends Items 3, 4, 5, 6 and 7 as set forth below.

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Schedule 13D is hereby amended and restated as follows:
Funds for the purchase of the Shares were derived from the
subscription proceeds from investors in SCMF, SCMF II, SCLMF, SCS, SCEF 1, SCEF 2 and Saba Closed-End Funds ETF, the capital
appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the
positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the
account, which may exist from time to time. Since other securities are held in the margin accounts, it is not
possible to determine the amounts, if any, of margin used to purchase the Shares reported herein. A total of
$70,623,850 was paid to acquire the Shares reported herein.

 

Item 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
On
July 10, 2017, Saba Capital entered into a standstill agreement (the “Standstill Agreement”) with the
Issuer (together with the Reporting Persons, the “Standstill Parties”) whereby the parties agreed, among
other things, and subject to certain conditions, that the Board of Trustees (the “Board”) of the Issuer
will cause the Issuer to commence a tender offer to purchase for cash 37.5% of its outstanding Shares at a price per Share
equal to 98.5% of the Issuer’s net asset value, subject to certain terms and conditions (the “Tender
Offer
”), with such Tender Offer to be completed not prior to November 5, 2017 and not later than November 27, 2017. In
addition, pursuant to the terms of the Standstill Agreement, the Issuer will also commence a monthly managed distribution
program beginning in August, 2017, and continuing through July, 2019 whereby the Issuer will pay monthly distributions
(subject to certain limitations) in an annualized amount of not less than 10% of the Issuer’s average net asset
value.  
In addition, Saba Capital agreed to withdraw its proposed nominees
to serve as trustees of the Issuer as well as its proposal seeking a shareholder vote regarding the classified board
structure of the Issuer and agreed to
tender 100% of its then-owned Shares of the Issuer in the Tender
Offer.

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Page 4 of 24 – SEC Filing

The Standstill Parties also agreed to abide by certain customary standstill provisions, such provisions to last until July 10, 2021 or such earlier time as such restrictions terminate pursuant to their terms.  In addition, the Reporting Persons have agreed to cause all Shares beneficially owned by them to be present for quorum purposes and to be voted consistent with the recommendation of the Board, subject to certain conditions based upon the completion of the Tender Offer.
The foregoing summary of the Standstill Agreement is qualified in its entirety by reference to the full text of the Standstill Agreement, the form of which is attached hereto as Exhibit 3 to this Schedule 13D and incorporated by reference herein.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
Paragraphs (a) and (b) of Item 5 of the Schedule 13D are hereby amended and restated in their entireties:
(a) See rows (11) and (13) of the
cover pages to this Schedule 13D/A for the aggregate number of Shares and percentages of the Shares beneficially owned by
each of the Reporting Persons. The percentages used in this Schedule 13D/A are calculated based upon 51,559,059 Shares
outstanding as of July 10, 2017 as provided for in the Standstill Agreement, which is filed herewith as Exhibit 3.
(b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

 

Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER
Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
As described further in Item 4 hereto, Saba Capital is party to the Standstill Agreement, which is attached as Exhibit 3 to this Amendment No. 7 and is incorporated by reference herein.

 

Item 7. EXHIBITS
  Item 7 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
Exhibit Description
   
Exhibit 3: Form of Standstill Agreement, dated as of July 10, 2017.

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Page 5 of 24 – SEC Filing

SIGNATURES

After reasonable inquiry and to the best
of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true,
complete and correct.

Date: July 11, 2017

SABA CAPITAL Management,
L.P.

/s/ Michael D’Angelo

Name: Michael D’Angelo

Title: Chief Compliance Officer

BOAZ R. WEINSTEIN

 

/s/ Michael D’Angelo

Name: Michael D’Angelo
Title: Attorney-in-fact*
* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

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Page 6 of 24 – SEC Filing

Exhibit 3

Standstill Agreement

 

Execution Copy

Standstill Agreement

This Agreement is
entered into as of July 10, 2017 (including the exhibits hereto, this “Agreement”), by and among Saba Capital
Management, L.P. (“Saba”) and Clough Global Opportunities Fund (the “Trust”) (the Trust,
together with Saba, the “Parties,” and each individually a “Party”).

WHEREAS, the Trust
is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940
Act
”);

WHEREAS, the Trust,
as of the close of business on July 10, 2017, has approximately 51,559,059 common shares of beneficial interest outstanding (the
Total Outstanding Common Shares”);

WHEREAS, as of
the close of business on July 10, 2017, Saba is the beneficial owner (as such term is used in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of, in the aggregate, 7,379,266 common shares of the
Trust representing approximately 14.31% of the Total Outstanding Common Shares of the Trust;

WHEREAS, the Trust
and Saba believe it is in their mutual interests for the Parties to take the actions reflected below.

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

Section 1. Tender
Offer and Distribution Rate.
1.1. On the basis of the representations, warranties and agreements set forth herein and subject to
the performance by Saba of its covenants and other obligations hereunder and the other conditions set forth herein:
(a) The Trust shall conduct a tender offer to purchase 37.5% (the “Tender Maximum Amount”)
of its Total Outstanding Common Shares (the “Tender Offer”). The Tender Offer shall include the following terms:
(i) shareholders shall have the opportunity to tender some or all of their common shares at a price equal to 98.5% of the Trust’s
net asset value per share (“NAV”) as determined as of the close of the regular trading session of the New York
Stock Exchange (the “NYSE”) on the next day the NAV is calculated after the expiration date of the Tender Offer
or, if the Tender Offer is extended, on the next day the NAV is calculated after the day to which the Tender Offer is extended,
(ii) the Trust shall purchase common shares properly tendered and not withdrawn on a prorated basis up to the Tender Maximum Amount
if greater than the Tender Maximum Amount of common shares are properly tendered and not properly withdrawn, (iii) the consideration
to be paid by the Trust for common shares under the Tender Offer shall consist solely of cash, and (iv) if less than the Tender
Maximum Amount of common shares have been properly tendered and not withdrawn, then the Trust shall only be obligated to purchase
such amount of shares actually tendered.

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Page 7 of 24 – SEC Filing

distribution shall be paid
monthly unless (i) the Trust Board determines in good faith that the declaration or payment of such distribution would
constitute a breach of its fiduciary duty owed to the Trust or its shareholders, or (ii) the declaration or payment of such
distribution would violate the 1940 Act or the Delaware Statutory Trust Act or would impair the Trust’s status as a
regulated investment company under the Code. Each such distribution may be sourced from income, return of capital and/or
capital gain, to the extent permitted by the 1940 Act and the rules and regulations thereunder. Nothing herein shall prevent
the Trust from paying a larger dividend or distribution if approved by the Trust Board.

1.3. Beginning August, 2019, through July, 2021, the Trust will pay monthly distributions, which shall
be declared by the Trust Board in an amount not less than the average distribution rate of a peer group of closed-end registered
investment companies selected by the Trust Board in its reasonable judgment (the “Peer Group”). The average
distribution rate of the Peer Group shall be calculated based on the simple average of each regular monthly distribution paid by
the Peer Group during the previous three (3) calendar months prior to the calendar month in which materials are mailed to the Trust
Board for the meeting at which it is scheduled to declare distributions. Any distribution by the Peer Group of a special, in-kind,
tax related, or other one-time distribution shall be disregarded in making such calculation. No monthly distribution shall be made
if (i) the Trust Board determines in good faith that the declaration or payment of such distribution would constitute a breach
of its fiduciary duty owed to the Trust or its shareholders, or (ii) the declaration or payment of such distribution would violate
the 1940 Act or the Delaware Statutory Trust Act or would impair the Trust’s status as a regulated investment company under
the Code. Each such distribution may be sourced from income, return of capital and/or capital gain, to the extent permitted by
the 1940 Act and the rules and regulations thereunder. Nothing herein shall prevent the Trust from paying a larger dividend or
distribution if approved by the Trust Board.
1.4. Saba covenants and agrees to tender, or caused to be tendered, 100% of the common shares of the
Trust of which it is the beneficial owner (as such term is used in Rule 13d-3 under the Exchange Act) in the Tender Offer. For
the avoidance of doubt, and without limiting the generality of the foregoing, Saba covenants and agrees to tender, or caused to
be tendered, all common shares of the Trust owned, controlled or held by Saba and its principals (including, without limitation,
Boaz R. Weinstein), general partners (including, without limitation, Saba Capital Management GP, LLC), managing members, affiliated
persons (as defined in the 1940 Act and which, for the avoidance of doubt, shall include (without limitation) any account or pooled
investment vehicle now or in the future managed, advised or sub-advised by Saba or its affiliated persons) (all such persons, collectively,
the “Saba Entities”) as of the closing of the Tender Offer. The Saba Entities, together with the directors,
officers and employees of Saba, are collectively referred to herein as the “Saba Affiliates”.
1.5. Saba covenants and agrees that during the Standstill Period (as defined below) it will not, and
it will not permit any of the Saba Affiliates to, directly or indirectly, (i) nominate or recommend for nomination any individual
for election as a trustee at any annual or special meeting of shareholders of the Trust held during the Standstill Period, (ii)
stand for election as a trustee of the Trust, (iii) submit any proposal for consideration at, or
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bring any other business before,
any annual or special meetings of shareholders of the Trust held during the Standstill Period, (iv) initiate, encourage or participate
in the solicitation of proxies or exempt solicitation, including under Rule 14a-2(b)(1) under the Exchange Act with respect to
any annual or special meeting of shareholders of the Trust held during the Standstill Period or (v) publicly or privately encourage
or support any other person to take any of the actions described in this Section 1.5.

1.6. Saba covenants and agrees that, in connection with the 2017 Annual Meeting of Shareholders of the
Trust, concurrent with the execution of this Agreement, it will withdraw or cause to be withdrawn (i) its slate of nominees to
serve as trustees of the Trust; and (ii) the proposals made by Saba Capital
Leverage Master Fund, Ltd. seeking a shareholder vote regarding the classified board structure of the Trust
.
Section 2. Additional
Agreements.
2.1. Saba covenants and agrees that during the period from the date of this Agreement through July 10,
2021, or until such earlier time as the restrictions in this Section 2.1 terminate as provided in Section 4 of this Agreement
(the “Standstill Period”) it will not, and will cause the Saba Affiliates and it and their respective representatives
not to, directly or indirectly, alone or in concert with others (including, by directing, requesting or suggesting that any other
person take any of the actions set forth below), unless specifically permitted in writing in advance by the Trust Board, take any
of the actions set forth below:
(a) effect, seek, offer, engage in, propose (whether publicly or otherwise and whether or not subject
to conditions) or cause, participate in or act to or assist any other person to effect, seek, engage in, offer or propose (whether
publicly or otherwise) or participate in or act to or take action with respect to (other than as specifically contemplated by this
Agreement):
(i) any “solicitation” of “proxies” or become a “participant” in
any such “solicitation” as such terms are defined in Regulation 14A under the Exchange Act, disregarding clause (iv)
of Rule 14a-1(l)(2) and including any otherwise exempt solicitation pursuant to Rule 14a-2(b), in each case, with respect to securities
of the Trust (including, without limitation, any solicitation of consents to act by written consent or call a special meeting of
shareholders);
(ii) knowingly encourage or advise any other person or assist or act to assist any person in so encouraging
or advising any person with respect to the giving or withholding of any proxy, consent or other authority to vote (other than such
encouragement or advice that is consistent with the Trust Board’s recommendation) with respect to the Trust;
(iii) any (i) tender or exchange offer for securities of the Trust (aside from the Tender Offer contemplated
by Section 1 or any other tender offer offered by the Trust to all shareholders), or
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Page 9 of 24 – SEC Filing

any merger, consolidation,
business combination or acquisition or disposition of assets of the Trust, or (ii) recapitalization, restructuring,
open-ending, liquidation, dissolution or other similar extraordinary transaction with respect to the Trust (it being
understood that the foregoing shall not restrict any person from tendering common shares, receiving payment for common shares
or otherwise participating in any such transaction on the same basis as other shareholders of the Trust or from participating
in any such transaction that has been approved by the Trust Board, subject to the terms of this Agreement);

(iv) engage, directly or indirectly, in any short sale that includes, relates to or derives more than
5% of its value from a decline in the market price or value of the securities issued by the Trust;
(b) form, join or in any way participate in any “group” (within the meaning of Section
13(d)(3) of the Exchange Act) (other than the existing group) with respect to the securities of the Trust;
(c) deposit any securities of the Trust in any voting trust or subject any securities of the Trust
to any arrangement or agreement with respect to the voting of the securities of the Trust, including, without limitation, lend
any securities of the Trust to any person or entity for the purpose of allowing such person or entity to vote such securities in
connection with any shareholder vote or consent of the Trust, other than any such voting trust, arrangement or agreement solely
among the members of Saba and the Saba Entities;
(d) seek or encourage, alone or in concert with others, any person to submit nominations in furtherance
of a “contested solicitation” for the election or removal of trustees with respect to the Trust;
(e) seek or encourage, alone or in concert with others, the removal or resignation of any member of
the Trust Board;
(f) make any proposal for consideration by the shareholders of the Trust at any annual or special meeting
of shareholders of the Trust or take any action (other than to vote in accordance with Section 2.1 and Section 2.2)
with respect to any shareholder proposal submitted prior to the date of this Agreement;
(g) conduct a referendum of shareholders of the Trust, or make a request for a shareholder list or
other books and records of the Trust;
(h) seek, alone or in concert with others, representation on the Board of the Trust;
(i) seek to control or influence the management, Board or policies of the Trust;
(j) institute,
solicit, assist or join any litigation, arbitration or other proceeding against or involving the Trust or any of its current or
former trustees or officers (including derivative actions); provided,
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however, that for
the avoidance of doubt the foregoing shall not prevent
Saba from (A) bringing litigation to enforce the provisions of this Agreement, (B) making counterclaims with respect to any proceeding
initiated by, or on behalf of, the Trust against Saba, or (C) responding to or complying with a validly initiated legal process;

(k) make any public statement or proposal with respect to (i) any change in the number or term of trustees
or the filling of any vacancies on the Trust Board, (ii) any change in the capitalization or distribution policy of the Trust,
(iii) any other material change in the Trust’s management, business, policies or trust structure, or (iv) any waiver, amendment
or modification to the Agreement and Declaration of Trust or By-Laws of the Trust;
(l) publicly or privately disclose any intention, plan or arrangement inconsistent with the foregoing;
(m) except as specifically contemplated by this Agreement, enter into any discussions, negotiations,
arrangements or understandings with any person with respect to any of the foregoing, or advise, assist, encourage or seek to persuade
others to take any action with respect to any of the foregoing; or
(n) publicly, or privately in a manner that is intended to or would reasonably be expected to require
any public disclosure by the Trust or Saba, request that the Trust, the Trust Board or any of their respective representatives
amend or waive any provision of this Section 2.1 (including this sentence) or for the Trust Board to specifically invite
Saba or any of the Saba Affiliates to take any of the actions prohibited by this Section 2.1.

For the avoidance of doubt, during the Standstill Period,
Saba and its affiliated persons may communicate privately with (a) any third party and (b) the Trust’s trustees, officers,
investment adviser and any sub-adviser, but in each case only so long as (i) such private communications are not intended to and
would not reasonably be expected to require any public disclosure thereof and (ii) such private communications do not violate the
terms of this Agreement.

2.2. Saba covenants and agrees that during the Standstill Period and provided that it (or any of the
Saba Entities) owns or controls shares, it will, and will cause the Saba Entities to:
(a) cause all shares it and the Saba Entities beneficially own as of the record date for such meeting
to be counted as present for purposes of a quorum at any annual or special meeting of shareholders of the Trust; and
(b) vote or cause to be voted at any annual or special meeting of shareholders of the Trust all of
the shares it and the Saba Entities beneficially own as of the record date for such meeting (i) in favor of any proposal with respect
to which the Trust Board recommends a vote in favor of such proposal (except to the extent that the approval of such proposal would
be materially adverse to Saba’s funds’ investment in the Trust, if effectuated, as is reasonably determined by Saba)
and (ii) against any proposal with
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Page 11 of 24 – SEC Filing

respect to which the Trust
Board recommends a vote against such proposal or any proposal made in opposition to, or in competition or inconsistent with,
the recommendation of the Trust Board; provided, however, that notwithstanding anything herein to the contrary, Saba
will, and will cause the Saba Entities to, vote as recommended by the Trust Board regarding any (A) person nominated by the
Trust Board to serve as a trustee of the Trust; (B) proposal relating to the following actions taken by the Trust: a merger,
reorganization, consolidation, business combination or acquisition or disposition of assets of the Trust, provided that such
transaction is accomplished on the basis of the relative net asset values of the entities involved in the transactions;
restructuring; recapitalization; amendments to the Agreement and Declaration of Trust of the Trust, tender offer;
liquidation; dissolution; open-ending; change in investment policy or strategy (including, without limitation, any change in
fundamental investment policies or restrictions), provided that such change in investment policy or strategy is not
inconsistent with the investment strategies currently utilized by Clough Capital Partners L.P.; issuance of additional
securities (whether common, preferred or debt securities), including any senior securities (unless any such securities are
issued at a price below current net asset value); and the Trust’s diversification status; provided, in each
case, that such action does not take effect until after the Trust has made payment for the common shares tendered in the
Tender Offer as required by Section 1.1 hereof; and (C) shareholder proposal; and provided further, however,
that notwithstanding anything herein to the contrary, shares of the Trust held by Saba Closed-End Funds ETF, and any
closed-end investment company managed by Saba, may be voted in accordance with one of the methods prescribed in Section
12(d)(1)(E)(iii)(aa) of the 1940 Act if required by applicable law.

For the avoidance of doubt, if Saba or any of the Saba
Entities lend any common shares of the Trust to any third party (in compliance with the restrictions in Section 2.1), Saba
(or the Saba Entities, as applicable) shall recall any such stock loan in advance of the record date for any vote of or consent
by the shareholders of the Trust so that Saba shall have full voting rights with respect to all such loaned shares. In no event
shall Saba or any Saba Entity enter into any agreement with the intent of disposing, or resulting in the disposition of, its rights
to vote any of the common shares of the Trust in circumvention of the requirements of this Section 2.2; provided, however,
that a final sale of shares of the Trust (not coupled with any repurchase agreement or similar reacquisition agreement) shall not
be considered a prohibited sale of voting rights in contravention of this Section 2.2.

2.3. Upon request of the Trust during the Standstill Period, Saba will notify the Trust of the number
of common shares beneficially owned by it and the Saba Affiliates up to one (1) time per each fiscal quarter of the Trust.
2.4. Saba covenants and agrees that during the Standstill Period it will not, and will cause the Saba
Affiliates and their respective representatives not to, directly or indirectly, alone or in concert with others (including, by
directing, requesting or suggesting that any other person take any of the actions set forth below), unless specifically permitted
in writing by the Trust, acquire any common shares of the Trust or take any action,
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directly or indirectly,
including by means of any Derivative Securities (as defined below), which would cause Saba and/or the Saba Entities to
beneficially own common shares of the Trust in excess of the Ownership Limit immediately following such acquisition or action
(except to the extent such common shares are issued by the Trust to all existing shareholders), whether or not any of the
foregoing may be acquired or obtained immediately or only after the passage of time or upon the satisfaction of one or more
conditions (whether or not within the control of such party) pursuant to any agreement, arrangement or understanding (whether
or not in writing) or otherwise and whether or not any of the foregoing would give rise to beneficial ownership (as such term
is used in Rule 13d-3 under the Exchange Act ), and whether or not any of the foregoing is acquired or obtained by means of
borrowing of securities, operation of any Derivative Security or otherwise.

For the purposes of this Agreement:

(i) the term “Derivative Securities” means, with respect to any person, any rights,
options or other securities convertible into or exchangeable for securities, bank debt or other obligations or any obligations
measured by the price or value of any securities, bank debt or other obligations of such person, including without limitation any
swaps or other derivative arrangements;
(ii) the term “Ownership Limit” means, at any time prior to the completion of the
Tender Offer, 7,379,266 common shares of the Trust, and at any time following the completion of the Tender Offer means the lesser
of (x) 7,379,266 common shares or (y) the sum of (A) 1% of the number of common shares of the Trust outstanding immediately following
the completion of the Tender Offer and (B) the number of outstanding common shares of the Trust beneficially owned by Saba and
the Saba Entities immediately following the completion of the Tender Offer (such amount to be confirmed in writing by Saba, together
with a written affirmation by Saba that it has tendered 100% of its and each Saba Entity’s then-owned common shares of the
Trust in the Tender Offer).
2.5. Saba represents and warrants as follows:
(a) It has the power and authority to execute, deliver and carry out the terms and provisions of this
Agreement and to consummate the transactions contemplated hereby.
(b) This Agreement has been duly and validly authorized, executed and delivered by it and is enforceable
against Saba in accordance with its terms.
(c) The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby will not contravene any agreement, organizational document or provision of law applicable to it.
(d) Saba beneficially owns, directly or indirectly, and has the sole power to vote all the common shares
of the Trust as described in the recitals to this Agreement, and
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its ownership of common shares of
the Trust has at all times complied with applicable provisions of the 1940 Act.

(e) As of the date hereof, neither Saba nor any of the Saba Affiliates is a party to any Derivative
Securities, including without limitation any swap or hedging transactions or other derivative agreement, or any securities lending
or short sale arrangements, of any nature with respect to the common shares of the Trust.
2.6. The Trust represents and warrants as follows:
(a) The Trust has the power and authority to execute, deliver and carry out the terms and provisions
of this Agreement and to consummate the transactions contemplated hereby.
(b) This Agreement has been duly and validly authorized, executed and delivered by the Trust and it
is enforceable against the Trust in accordance with its terms.
(c) The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby will not contravene any agreement, organizational document or provision of law applicable to the Trust.
Section 3. Press
Releases; Public Statements; Trust Merger.
3.1. Saba and the Trust agree that, no later than two (2) business days following the execution of this
Agreement, the Trust will issue a press release announcing (i) (A) the entrance into and terms of this Agreement, (B) the determination
of the Trust Board to commence the Tender Offer and (C) the managed distribution program and (ii) Saba’s withdrawal of its
slate of nominees to serve as trustees of the Trust and the proposal made by Saba Capital
Leverage Master Fund, Ltd. seeking a shareholder vote regarding the classified board structure
of the Trust
, subject to the other conditions set forth herein, in substantially the form attached as Exhibit
A
hereto (the “Trust Press Release”), and no Party shall make any statement inconsistent with the Trust
Press Release during the Standstill Period. Saba shall not issue a press release in connection with this Agreement, the annual
meeting of shareholders of the Trust for 2017 or the actions contemplated hereby without the prior written consent of the Trust.
Nothing in this Agreement shall prevent (a) any Party from taking any action required by any governmental or regulatory authority
(except to the extent such requirement arose as a result of the discretionary act(s) of such Party), and (b) any Party from making
any factual statement that is required in any compelled testimony or production of information, either by legal process, by subpoena
or as part of a response to a request for information from any governmental authority with jurisdiction over such Party or as otherwise
legally required and (c) Saba and its affiliated persons from communicating with its investors and prospective investors; provided
that such communication is otherwise consistent with this Agreement and the Trust Press Release. Saba shall promptly prepare and
file an amendment to its Schedule 13D filed with the U.S. Securities and Exchange Commission (the “SEC”) reporting
its entry into this Agreement (which will not contain any
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statement inconsistent with
the Trust Press Release) and the Item 4 disclosure set forth therein will be in a form materially consistent with the draft
previously provided to the Trust.

3.2. Notwithstanding anything in this Agreement to the contrary, the Parties acknowledge and agree that
the Trust may not effect a merger, reorganization or any of the other similar actions contemplated in Section 2.2(b)(ii)(B) with
another registered investment company for which Clough Capital Partners L.P. serves as investment adviser (whether or not the Trust
is the surviving company) at any time before the payment of the Tender Offer proceeds. The Parties acknowledge and agree that the
Trust may merge or reorganize with another registered investment company for which Clough Capital Partners L.P. serves as investment
adviser (whether or not the Trust is the surviving company) at any time after the payment of the Tender Offer proceeds. The Trust
will ensure that the company surviving any such merger, reorganization or any of the other actions contemplated in Section 2.2(b)(ii)(B)
with the Trust effects it in a manner that preserves the benefits of this Agreement.
Section 4. Termination.
4.1. Notwithstanding anything herein to the contrary, if the Trust fails to complete the Tender Offer
and distribute the proceeds in cash to the participating shareholders on or before December 31, 2017 this Agreement shall terminate
and be of no further force or effect.
4.2. If the Trust fails to complete the monthly distributions at a rate of 10% (as set forth in Section
1.2) for 24 consecutive months (unless such failure is cured by the Trust by making the appropriate catch up distribution within
3 months of such failed distribution), this Agreement shall terminate and be of no further force or effect upon notice by Saba
to the Trust specifying it is terminating the Agreement pursuant to Section 4.2; provided that Saba has continuously owned
at least one percent (1%) of the then Total Outstanding Common Shares (and provided proof of ownership thereof).
4.3. This Agreement remains in full force and effect until the earliest of:
(a) the expiration of the Standstill Period;
(b) a termination of this Agreement pursuant to Section 4.1 or Section 4.2; and
(c) such other date established by mutual written agreement of the Trust and Saba.
4.4. Section 6 survives the termination of this Agreement. No termination pursuant to this Section
4
relieves any Party from liability for any breach of this Agreement prior to such termination.
Section 5. No
Disparagement.
5.1. During the Standstill Period, each Party hereto shall refrain, and shall cause its respective principals,
directors, partners, general partners, members, officers, employees, affiliated persons and representatives to refrain, from directly
or indirectly making disparaging remarks, comments or statements (including in any document or
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report filed with or
furnished to the SEC or through the press, media, analysts or other persons) about, or taking any action reasonably likely to
damage the reputation of, the other Party, or its respective members, (current or former) directors or trustees, officers,
employees or affiliated persons (which, for the avoidance of doubt, with respect to (i) the Trust, shall include Clough
Capital Partners L.P. and its directors, partners, officers, employees and affiliated persons), or any members of the Trust
Board and (ii) Saba, shall include all employees, partners, members, and directors of Saba and all investment funds advised
or sub-advised by Saba, now or in the future, including, but not limited to their respective directors, partners, officers
and affiliated persons (collectively, the “Saba Funds”)). Clough Capital Partners L.P. and the Saba Funds
shall each be considered an express third-party beneficiary of this Agreement with the power and authority to enforce this Section
5.1
. In each case, such disparaging remarks, comments or statements include, but are not limited to, those that impugn
the character, honesty, integrity, morality, business acumen or abilities of the individual or entity being disparaged. The
foregoing shall not apply to any compelled testimony or production of information, either by legal process, subpoena, or as
part of a response to a request for information from any governmental authority with jurisdiction over the Party from whom
information is sought.

Section 6. Miscellaneous.
6.1. Remedies. Each Party hereto hereby acknowledges and agrees that irreparable harm will occur
in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the Parties will be entitled to seek specific performance hereunder, including, without
limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof in any state or federal court in the State of Delaware, in addition to any other remedy to which
they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with respect to any such remedy
are hereby waived. All rights and remedies under this Agreement are cumulative, not exclusive, and will be in addition to all rights
and remedies available to any Party at law or in equity.
6.2. Jurisdiction; Venue; Waiver of Jury Trial. The Parties hereto hereby irrevocably and unconditionally
consent to and submit to the jurisdiction of the state or federal courts in the State of Delaware for any actions, suits or proceedings
arising out of or relating to this Agreement or the transactions contemplated hereby. The Parties irrevocably and unconditionally
waive any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, or the transactions
contemplated hereby, in the state or federal courts in the State of Delaware, and hereby further irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum. EACH OF SABA AND THE TRUST WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT.
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6.3. Entire Agreement. This Agreement contains the entire understanding of the Parties with respect
to the subject matter hereof and may be amended only by an agreement in writing executed by the Parties hereto. This Agreement
supersedes all previous negotiations, representations and discussions by the Parties hereto concerning the subject matter hereof,
and integrates the whole of all of their agreements and understanding concerning same. No prior oral representations or undertakings
concerning the subject matter hereof will operate to amend, supersede, or replace any of the terms or conditions set forth in this
Agreement, nor will they be relied upon.
6.4. Section Headings. Descriptive headings are for convenience only and will not control or
affect the meaning or construction of any provision of this Agreement.
6.5. Notice. All notices, consents, requests, instructions, approvals and other communications
provided for herein and all legal process in regard hereto will be validly given, made or served, if in writing and sent by email
or facsimile, with a copy by personal delivery, certified mail, return receipt requested, or by overnight courier service to:

If to the Trust, to:

Clough Global Opportunities Fund
c/o Clough Capital Partners L.P.
One Post Office Square, 40th Floor
Boston, MA 02109
Attention: Mimi Gross, Esq.
Facsimile: (617) 790-1546
mgross@cloughcapital.com

with copies to (which copies shall not constitute notice):

Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
Attention: Jay Spinola, Esq. and Rose DiMartino, Esq.
Fax: (212) 728-8111
Emails: jspinola@willkie.com
            rdimartino@willkie.com

If to Saba:

Saba Capital Management, L.P.
405 Lexington Avenue
58th Floor
New York, NY 10174
Attention: Michael D’Angelo, Esq.

Email: Michael.D’Angelo@sabacapital.com

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with a copy to (which copy shall not constitute notice):

Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
Attention: Eleazer Klein, Esq.
Email: Eleazer.Klein@srz.com

6.6. Severability. Any provision of this Agreement that is invalid or unenforceable in any jurisdiction
will, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or
unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of any provisions of this
Agreement in any other jurisdiction. In addition, the Parties agree to use commercially reasonable efforts to agree upon and substitute
a valid and enforceable term, provision, covenant or restriction for any such term, provision, covenant or restriction that is
held invalid, void or unenforceable by a court of competent jurisdiction.
6.7. Governing Law. This Agreement will be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without regard to the conflict of law principles thereof.
6.8. Binding Effect; No Assignment. This Agreement will be binding upon and inure to the benefit
of and be enforceable by and against, as applicable, the successors and assigns of the Parties hereto. Nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the Parties hereto, or their respective successors and assigns
any rights, remedies, obligations or liabilities under or by reason of this Agreement. No Party to this Agreement may, directly
or indirectly, assign its rights or delegate its obligations hereunder (whether voluntarily, involuntarily, or by operation of
law) without the prior written consent of the other Party. Any such attempted assignment will be null and void.
6.9. Amendments; Waivers. No provision of this Agreement may be amended other than by an instrument
in writing signed by the Parties hereto, and no provision hereof may be waived other than by an instrument in writing signed by
the Party against whom enforcement is sought.
6.10. No Reliance. Each Party acknowledges that it has received adequate information to enter
into this Agreement, that is has not relied on any promise, representation or warranty, express or implied not contained in this
Agreement and that it has been represented by counsel in connection with this Agreement. Accordingly, any rule of law or any legal
decision that would provide any Party with a defense to the enforcement of the terms of this Agreement against such Party shall
have no application and is expressly waived. The provisions of the Agreement shall be interpreted in a reasonable manner to effect
the intent of the Parties.
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6.11. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. Delivery of an executed signature page of this
Agreement by email or other electronic means shall be effective as delivery of a manually executed counterparty hereof.

[Signatures
appear on next page]

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement as of the date first above written.

CLOUGH GLOBAL OPPORTUNITIES FUND
By:
Name:
Title:
SABA CAPITAL MANAGEMENT, L.P.
By:
Name:
Title:
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Exhibit A

[Trust Press Release]

PRESS RELEASE

July 10, 2017

 

Clough Global Dividend and Income Fund (NYSE MKT: GLV)

Clough Global Equity Fund (NYSE MKT: GLQ)

Clough Global Opportunities Fund (NYSE MKT: GLO)

 

1290 Broadway, Suite 1100

Denver, CO 80203

Contact: Fund Services Group at 877-256-8445

 

CLOUGH CLOSED-END FUNDS REACH
AGREEMENT WITH
SABA;
ANNOUNCE DISCOUNT MANAGEMENT PROGRAMS, INCLUDING
TENDER OFFER AND MANAGED DISTRIBUTION

Denver, Colorado—The
Boards of Trustees
(each,
a “Board”) of Clough Global Dividend and Income Fund (GLV), Clough Global Equity Fund (GLQ) and Clough
Global Opportunities Fund (GLO) (each, a “Fund”
and collectively, the “Funds”) announced today
that each Board has approved a discount management program, which includes a tender
offer for the Funds and a managed distribution of 10%, as further described below.

 

Tender
Offers

 

The
Boards of Trustees of the Funds have approved cash tender offers for up to 37.5% of each of GLQ’s and GLO’s respective
outstanding common shares of beneficial interest and up to 32.5% of GLV’s outstanding common shares of beneficial interest
(with respect to each Fund, the “Shares”) at a price per Share
equal to
98.5% of each Fund’s respective net asset value (“NAV”) per Share as of the business day immediately following
the expiration date of the tender offers. The Funds will repurchase Shares tendered and accepted in the tender offers in exchange
for cash.

 

The
respective Board of Trustees of each Fund believes the tender offer could benefit participating shareholders by providing
liquidity
at a price per Share that is higher than the market price of the Shares. The Boards of Trustees
believe the tender offers could also benefit the Funds and their long-term shareholders because the tender offers would be conducted
at a price per Share that would be accretive to NAV.

 

Managed
Distribution

 

The
Funds will also commence a four
year managed distribution program. Beginning in August,
2017, and continuing through July, 2019 (the “Initial Managed Distribution Period”), each Fund will pay monthly distributions

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(subject to certain limitations) in an
annualized amount of not less than 10% of the respective Fund’s average monthly
NAV. Each Fund will calculate the average NAV from the previous month by taking the simple average of the NAV of the Fund
based on the number of business days in that month on which the NAV is calculated. The amount of the monthly distribution
will be calculated as 10% of the previous month’s average NAV, divided by twelve.

 

Following
the Initial Managed Distribution Period, the Board of each Fund will review the current distribution amount in light of the
current
distribution rate of peer funds selected by the Board and will seek to pay a monthly distribution
in an amount not less than the average monthly distribution rate of the peer group for an additional two year period.

 

Robert
Butler, Chairman of the Boards, said “We are very pleased to be
implementing a discount management program that will
provide our shareholders with liquidity but more importantly, with the 4-year commitment to
a managed
distribution program, we believe we are positioning the Funds for the future
as attractive vehicles for investors who seek regular and predictable distributions.”

 

Withdrawal
of Saba Candidates and Proposals

 

Saba
Capital Management, L.P. (collectively with certain of its affiliates, “Saba”) announced that, in connection with the
Funds and their respective Boards agreeing to take the actions set forth in the respective Standstill
Agreements discussed
below, it has withdrawn its slate of nominees to serve as trustees of each Fund. It has also withdrawn the proposals for GLV and
GLO seeking a shareholder vote regarding the classified board structure of the Funds.

 

Standstill
Agreements

 

The
commencement of the tender offers and managed distribution program is pursuant to separate agreements (the “Standstill Agreements”)
between each Fund and Saba. Subject to the terms of the Standstill Agreements and in consideration for the tender offers, managed
distribution plan and other factors set forth in the Standstill Agreements, Saba has agreed, subject to the terms of the Standstill
Agreements, to (1) tender all Shares of the Funds owned by it in the tender offers, (2) be bound by certain “standstill”
covenants through July 10, 2021 and (3) vote its remaining Shares on all proposals submitted to shareholders in accordance with
the recommendation of management through July 10, 2021. Additionally, each Fund has agreed to a four year managed distribution
program as described above. The Funds have been advised that Saba will file a copy of each Fund’s Standstill Agreement with
the U.S. Securities and Exchange Commission as an exhibit to its Schedule 13D.

 

*****

 

The Funds have not commenced
the tender offers described in this release or declared any dividend or distribution. This
announcement is not a recommendation,
an offer to
purchase or a solicitation
of an offer to
sell shares of any Fund and the above statements are not intended to constitute an offer
to participate in any tender offer. Information about each tender offer, including its commencement, will be provided by future
public announcements.

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Shareholders will be notified in accordance
with the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, either
by publication or mailing or both. Each tender offer will be made only by an Offer to Purchase, a related Letter of Transmittal
and other documents, to be filed with the SEC. Shareholders of the Funds should read the Offer to Purchase and tender offer statement
and related exhibits when those documents are filed and become available, as they will contain important information about the
applicable tender offer. These and other filed documents will be available to investors for free both at the website of the SEC
and from the Funds.

 

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Additional Information

 

About Clough Global Equity Fund

The Fund is a closed-end fund utilizing the Adviser’s research-driven,
thematic process, with an investment objective of providing a high level of total return. Having a global, flexible mandate and
exploiting the Firm’s research offices in Boston, the Fund will invest at least 80% in equity and equity-related securities
in both U.S. and non-U.S. markets, and the remainder in fixed income securities, including corporate and sovereign debt, in both
U.S. and non-U.S. markets. More information on the Clough Global Equity Fund, including the Fund’s dividend reinvestment
plan, can be found at www.cloughglobal.com or call 877-256-8445.

About Clough Global Opportunities Fund

The Fund is a closed-end fund with an investment
objective of providing a high level of total return. The Fund seeks to achieve this objective by applying a fundamental research-driven
investment process and will invest in equity and equity-related securities as well as fixed income securities, including both corporate
and sovereign debt.  Utilizing the Adviser’s global research capabilities, with offices in Boston, the Clough Global
Opportunities Fund will invest in both U.S. and non-U.S. markets. More information on the Clough Global Opportunities Fund, including
the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.

About Clough Global Dividend and Income
Fund

The Fund is a closed-end fund with an investment
objective of providing a high level of total return. With analysts in Boston, the Clough Global Dividend and Income Fund seeks
to pursue this objective by applying a fundamental research-driven investment process and will invest in equity and equity-related
securities as well as fixed income securities, including both corporate and sovereign debt, in both U.S. and non-U.S. markets.
More information on the Clough Global Dividend and Income Fund, including the Fund’s dividend reinvestment plan, can be found
at www.cloughglobal.com or call 877-256-8445.

About Clough Capital Partners L.P.

Clough Capital is a Boston-based investment
advisory firm which manages approximately $2.7 billion in assets: $1.1 billion in hedge fund and institutional accounts; $78 million
in open-end mutual funds; and $1.5 billion in three closed-end funds (as of May 31, 2017) – Clough Global Dividend and Income
Fund (GLV), Clough Global Equity (GLQ), and the Clough Global Opportunities Fund (GLO). The firm uses a global and theme-based
approach and invests in securities on a global basis.

An investor should consider investment objectives,
risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report which contains
this and other information visit www.cloughglobal.com or call 877-256-8445. Read them carefully before investing.

 

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Each Fund is a closed-end fund and
closed-end funds do not normally continuously issue shares for sale as open-end mutual funds do. Since the initial public
offering, each Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through
an intermediary or broker. The share price of a closed-end fund is based on the market’s value.

 

*****

 

Forward-looking statements are based on
information that is available on the date hereof, and neither the fund manager nor any other person affiliated with the fund manager
has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these
statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.

 

ALPS Portfolio Solutions Distributor, Inc.
FINRA Member.

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