![\"Boaz](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/01\/Boaz-Weinstein-of-Saba.png\")
The board of Edinburgh Worldwide Investment Trust has called on its New York pursuer to clarify its demands ahead of a crucial meeting of shareholders next month.<\/p>\n
In a letter sent today it says Boaz Weinstein, founder and chief investment officer of Saba Capital Management, has \u201cstayed silent\u201d on its strategy.<\/p>\n
It is demanding he provides full disclosure of its reasons for wanting to remove the EWIT board and replace it with its own nominees.<\/p>\n
The letter was sent after Saba last night highlighted governance concerns at the trust and failure to disclose\u00a0chair Jonathan Simpson-Dent\u2019s role as CFO at HomeServe, which received the largest retail company fine in FCA history. <\/p>\n
Saba has also questioned the \u201ctrustworthiness\u201d of the audit and financial expertise of EWI\u2019s newest director,\u00a0Gregory Eckersley, and highlights how the longest tenured director \u2013\u00a0Mungo Wilson\u00a0\u2013 \u201cshould no longer be considered independent per the AIC Code of Corporate Governance\u201d.<\/p>\n
Once again, Saba pointed to the \u201cmishandled SpaceX sell-down and the proposed merger with US Growth as recent examples of the board\u2019s value-destructive pattern of prioritising the interests of Baillie Gifford over shareholders.\u201d<\/p>\n
Mr Weinstein said: \u201cUnder the leadership of Jonathan Simpson-Dent, the EWT board has operated as a pawn of Baillie Gifford. After five years of massive value destruction and a continued refusal to publicly confront Baillie Gifford\u2019s recent mishandling of EWI\u2019s SpaceX holding, there is no world in which Mr Simpson-Dent or any member of this board can accurately claim they are committed to maximising value for shareholders. <\/p>\n
\u201cTime and again, the board has given Baillie Gifford a free pass and shareholders have consistently paid the price.\u201d<\/p>\n In its letter EWIT states that less than a year ago Mr Weinstein launched a similar campaign to replace the independent investment manager with Saba, change the investment strategy and pursue a liquidity event. <\/p>\n \u201cThat proposal was overwhelmingly rejected by shareholders who recognised your objectives for what they were \u2013 an attempt to take control of the board in order to pursue your own agenda rather than the long-term interests of EWIT shareholders as a whole,\u201d says the letter.<\/p>\n \u201cTwelve months on, you have launched a substantially similar campaign although this time you have stayed silent on your agenda. <\/p>\n \u201cWe can only assume it is the same as before. As you are aware, our board has sought to engage constructively with you on numerous occasions. We have proposed a number of credible options that would have provided liquidity and choice for all shareholders. You have rejected every proposal.<\/p>\n \u201cAs shareholders consider the resolutions you have put forward, it is both reasonable and necessary that they do so with full disclosure. Against that background, we believe you owe shareholders clear and direct answers to the following questions.<\/p>\n The board of the Baillie Gifford managed trust specifically wants to know it Mr Weinstein intends to change the investment manager, the strategy and fees. <\/p>\n It has demanded \u201cclear and unambiguous answers to these questions by no later than 5 January so that shareholders may properly assess your proposals and make an informed choice.\u201d<\/p>\n The meeting, requested by Saba, will take place on 20 January.<\/p>\n Saba wants to:<\/p>\n \t <\/div>\n![\"Jonathan](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/01\/Jonathan-Simpson-Dent.png\")
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