23rd Dec 2025 11:15
(Alliance News) - Edinburgh Worldwide Investment Trust PLC on Tuesday published a circular urging its shareholders to vote against the Saba Capital Management LP resolutions ahead of the company's requisitioned general meeting.
The Edinburgh, Scotland-based fund said Saba "prioritise[s] its own commercial interests" and warned shareholders that the activist investor's approach to the portfolio is "unknown".
Edinburgh Worldwide added that its policies are leading to improvements, with a net asset value total return of 20.5% over the last 12 months compared to 10.9% for its benchmark S&P Global Small Cap Index.
The general meeting will be held on January 20. The requisition request from Saba calls for the removal of all six independent non-executive directors and their replacement with three US-based nominees selected by Saba.
This requisition follows the open letter by Saba published in November, in which the company said it was "profoundly disappointed" by the investment trust's share price performance and "did not have faith in the current board's ability to implement the necessary strategic changes."
Saba had a 29% stake in Edinburgh Worldwide as of October 15.
"If you value your company's independence, this distinctive investment proposition, and the progress already achieved, I strongly urge you to vote against Saba's resolutions and help ensure your company's future remains in the hands of all its shareholders, not just one," said Chair Jonathan Simpson-Dent.
Shares in Edinburgh Worldwide were flat at 219.00 pence on Tuesday morning in London.
By Roya Shahidi, Alliance News reporter
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Edinburgh Worldwide Investment Trust