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Shareholders in Edinburgh Worldwide Investment Trust have thrown out an attempt by Saba Capital Management to oust its board.<\/p>\n
Excluding shares held by Saba, shareholders representing 92.7% of the shares voted rejected Saba\u2019s proposals.<\/p>\n
Of the total votes cast, 53.2% of shares were voted against Saba\u2019s resolutions, in line with the recommendation of the independent board.<\/p>\n
Shareholders representing over 70% of the total issued share capital voted on the resolutions, a record shareholder turnout.<\/p>\n
This exceeded the turnout at the requisitioned general meeting held last February when the New York hedge fund made its first attempt to remove the board.<\/p>\n
EWIT said this level of shareholder participation in the vote was supported by a high level of engagement by retail shareholders who hold their shares through digital platforms.<\/p>\n
The vote was supervised by Civica Election Services, the independent assessor.<\/p>\n
Jonathan Simpson-Dent, chair of Edinburgh Worldwide Investment Trust, said: \u201cFor the second time in less than a year, Edinburgh Worldwide\u2019s shareholders have voted decisively to reject Saba\u2019s proposal to install its own nominees to the board and the uncertainty that would have entailed.<\/p>\n \u201cShareholders have clearly stated their preference for EWIT\u2019s unique and differentiated mandate, investing in some of the world\u2019s most exciting and transformative companies.<\/p>\n \u201cThe board is resolutely focused on building momentum through the Path for Growth strategy which has delivered strong returns for shareholders since its implementation.<\/p>\n \u201cSaba remains our largest shareholder and we will continue to seek constructive engagement with them to develop potential solutions that allow us to move forward.<\/p>\n \u201cFollowing a year of significant and costly distraction, we are ready to return our full attention to our primary purpose: investing in innovation, transformation, and exceptional potential in a way that respects the clear wishes expressed by the majority of shareholders both last February and again today.<\/p>\n \u201cI would like to thank shareholders for their strong engagement, rigorous scrutiny, and continued support for Edinburgh Worldwide over the last 12 months.\u201d<\/p>\n About 40 shareholders and advisers attended the meeting today at the offices of Baillie Gifford in Edinburgh.<\/p>\n Mr Simpson-Dent opened by welcoming shareholders and, referencing last year\u2019s meeting, stated: \u201cHere we are again.\u201d<\/p>\n He told shareholders: \u201cSaba\u2019s campaign has never been about this board. It has been about control.<\/p>\n \u201cWe are extremely disappointed by the way Saba has run its campaign.\u201d<\/p>\n In response to three questions filed online, he said the trust had delivered progress and \u201cthe job of the board is to make sure that momentum continues.\u201d <\/p>\n The board had approached Saba about representation on the board but it was not a topic they wanted to engage on.<\/p>\n \u2026 more follows<\/p>\n \t <\/div>\n![\"Boaz](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/01\/Boaz-Weinstein-of-Saba.png\")