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New York hedge fund Saba Capital Management has lodged another attempt to oust directors from an Edinburgh Investment Trust.<\/p>\n
It has written to shareholders in the \u00a3772 million Edinburgh Worldwide Investment Trust asking them to back a renewed move to install three of its own nominees on to the board.<\/p>\n
Its attempt to change the board was rejected at a meeting of shareholders last month.<\/p>\n
Saba Capital, a 30% shareholder in EWIT, is now proposing that shareholders vote on additional resolutions at the Annual General Meeting to appoint independent directors Gabriel Gliksberg, \u00a0Michael Joseph and Jassen Trenkow\u2013 and reject the re-election of the incumbent directors.<\/p>\n
Excluding shares held by Saba, shareholders representing 92.7% of the shares voted rejected Saba\u2019s proposals at the requisitioned meeting on 20 January.<\/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
In its new letter Saba argues that EWIT shareholders \u201cdeserve better than the status quo\u201d, adding that its \u201clong-standing concerns regarding EWI\u2019s history of underperformance combined with the board\u2019s governance and oversight failures led us to propose resolutions be added to the notice of the upcoming Annual General Meeting.\u201d<\/p>\n
This would \u201cenable shareholders to elect three new qualified, independent directors committed to delivering long-term value\u201d.<\/p>\n
Saba also intends to reject the re-election of the incumbent directors. saying that just 53.2% of shares voted chose to stick with the status quo at the January 2026 requisitioned general meeting.\u201d<\/p>\n
As such it believes a \u201cmeaningful portion\u201d of shareholders remain unhappy.<\/p>\n
An EWIT spokesperson said: \u201cFor the third time, Saba is seeking to replace the entire independent Board with its own nominees in order to take control of the Company. In doing so, it is repeating a number of misleading statements that have featured throughout its aggressive and personal campaign.<\/p>\n
\u201cOnly three weeks ago, a record 70% of shareholders participated in the second vote in less than a year, with an overwhelming majority (93%) of non-Saba holders again rejecting its proposals. Despite this decisive outcome and the strong shareholder opposition to Saba taking control, Saba is evidently choosing not to listen.<\/p>\n
\u201cSince shareholders rejected its resolutions on 20 January, the Board has made a number of attempts to engage with Saba and its advisers. On every occasion, Saba has failed to engage.<\/p>\n
\u201cThe board will update shareholders on its plans in the near future.\u201d<\/p>\n
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