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Edinburgh Worldwide Investment Trust PLC on Wednesday said it has received a requisition request from Saba Capital Management LP which calls for the removal of all six independent non-executive directors and their replacement with three US-based nominees selected by Saba. The Edinburgh, Scotland-based fund confirmed it will now convene a general meeting and will issue a circular in due course. Edinburgh Worldwide urged shareholders to vote against Saba’s proposed resolutions. It accused Saba of ‘wanting to take control on the cheap’ after a similar move was voted down in February. The board warned that Saba has not disclosed its intentions for the trust and argued its nominees ‘would not be independent’. The trust highlighted recent improvements under its growth strategy, including a 16.2% net asset value total return over the past 12 months compared to 6.0% for the S&P Global Small Cap index, the trust’s benchmark. The firm stressed that shareholders ‘cannot take for granted’ that Saba will be defeeated again, as it noted Saba has increased its stake from around 25% to ‘over 30%’. Saba had a 29% stake in Edinburgh Worldwide as of October 15. ‘We urge Saba to explain to EWIT shareholders its intentions beyond replacing the board, to allow shareholders to make an informed choice in January rather than face considerable uncertainty should it succeed,’ said Chair Jonathan Simpson-Dent. ‘Your vote is more important than ever, particularly considering Saba’s enlarged stake. If shareholders want to keep the company out of Saba’s control and ensure they have a voice in its future, they must turn out and vote in even greater numbers than before.’ Shares in Edinburgh Worldwide Investment Trust were up 0.9% at 216.50 pence on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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