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Saba Capital Management LP on Monday reiterated that it wants to remove six directors of Edinburgh Worldwide Investment Trust PLC at an upcoming general meeting. Activist investor Saba is calling for the removal of all six independent non-executive directors from EWIT’s board, including Chair Jonathan Simpson-Dent, and for their replacement with three of its own choices at a requisitioned general meeting next Tuesday. Saba said: ‘The recent claims made by EWI’s board and [chair] Jonathan Simpson-Dent only deepen our concerns about whether the current directors can be trusted to act in shareholders’ best interests.’ The investor said EWIT’s board has overseen ‘prolonged underperformance’ and ignored ‘basic governance standards’. ‘These issues are not ’distractions’ as Simpson-Dent has claimed they are fundamental failures of judgement, manager oversight and alignment that affect all shareholders,’ Saba said. 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. Saba said it was ‘extremely odd’ that the board ‘chose not to ask shareholders about EWI’s concentration in SpaceX and instead wrongfully assumed shareholders would be pleased to see EWI reduce its stake in SpaceX.’ ‘The board’s thin explanation for selling down SpaceX is why we continue to believe that the partial divestiture of EWI’s interest in SpaceX was related to the proposed merger with Baillie Gifford US Growth Trust,’ Saba said. On Friday, independent adviser Glass Lewis recommended that EWIT shareholders vote against all Saba resolutions at the general meeting. Responding to Saba’s claims on Monday, EWIT Chair Simpson-Dent said: ‘Today’s announcement is the latest example of Saba’s attempts to distract from the real debate about the future of the trust. This will be a close vote, and only retail shareholders can prevent a US hedge fund from taking control. This is why we are urging shareholders to vote against all resolutions.’ Shares in Edinburgh Worldwide Investment Trust were down 0.8% at 225.70 pence on Monday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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