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Edinburgh Worldwide Investment Trust PLC on Friday noted an independent adviser’s recommendations for its requisitioned general meeting. Glass Lewis has recommended that EWIT shareholders vote against all Saba Capital Management LP resolutions at the GM on January 20. ‘We are pleased to note the conclusions of Glass Lewis and [fellow independent voting adviser] ISS who both recommend that shareholders vote against all of Saba’s resolutions,’ EWIT Chair Jonathan Simpson-Dent commented. ‘We are also pleased to see Legal & General PLC come out to publicly support the board and its intention to vote against all of Saba’s proposals. ‘I look forward to answering shareholder questions in a live Q&A which is open to everyone, including media, later today.’ The Q&A session will be held at 1400 GMT. Legal & General’s Investment Stewardship team announced the London-based insurer’s intention to vote against Saba’s resolutions in a blog post on Tuesday. For the requisitioned GM, activist investor Saba is calling for the removal of all six independent non-executive directors from EWIT’s board, including Simpson-Dent, and for their replacement with three of its own choices. ‘The dissident (Saba Capital) appears to have taken on board shareholder concerns raised during its previous campaign...However, the incumbent EWIT board equally appears to have been responsive to the contention of underperformance and has effectively managed to reduce its discount to net asset value (NAV‘),’ L&G said. ‘Given the potential conflict of interests between Saba, its nominees, and long-term investors, we are therefore again voting against all proposals at the forthcoming meeting, opting to keep the running of EWIT in the hands of the incumbent board at this time.’ Saba held a 30% stake in Edinburgh Worldwide as of December 2, when it blocked a proposed merger of EWIT with Baillie Gifford US Growth Trust PLC, in which it held a 29% stake. Edinburgh Worldwide shares traded 0.2% lower at 225.60 pence late on Friday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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