![\"Jonathan](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/01\/Jonathan-Simpson-Dent.png\")
Another shareholder group is advising investors in Edinburgh Worldwide Investment Trust to reject a New York hedge fund\u2019s attempts to oust the board.<\/p>\n
Independent voting adviser Glass Lewis recommends shareholders vote against all of Saba Capital Management\u2019s proposals at the general meeting on 20 January. This follows a similar recommendation from ISS.\u00a0<\/p>\n
EWIT has also noted public support from Legal & General for the board\u2019s stance. A live Q&A session with the chair is scheduled for today to address shareholder questions.<\/p>\n
Saba wants the board to be replaced by its own nominees.<\/p>\n
Jonathan Simpson-Dent, chair of Edinburgh Worldwide, said:\u00a0\u201cWe are pleased to note the conclusions of Glass Lewis and ISS who both recommend that shareholders vote against all of Saba\u2019s resolutions. <\/p>\n
\u201cWe are also pleased to see Legal & General plc come out to publicly support the board and its intention to vote against all of Saba\u2019s proposals.\u201d<\/p>\n
Separately, Herald Investment Trust is proposing a tender offer allowing shareholders to sell up to 100% of their shares for cash at close to net asset value, aiming to restructure the shareholder base and focus on its investment strategy. <\/p>\n
This follows previous unsuccessful attempts by Saba Capital Management to gain control of the company, with Herald\u2019s NAV total return reaching 2,956% since inception and 31% over the last three years, significantly outperforming Saba Capital Master Fund\u2019s 151% return since April 2009. <\/p>\n
The tender offer is conditional on Saba tendering substantially all of its approximately 30.7% holding, with a contingency backstop tender offer planned if the initial offer is blocked, which would require a simple majority vote for approval.<\/p>\n
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