7th Apr 2026 09:56
(Alliance News) - Edinburgh Worldwide Investment Trust PLC on Tuesday urged shareholders to reject directors nominated by agitator Saba Capital Management LP, ahead of a general meeting at the end of the month.
Stakeholders in FTSE 250-listed investment firm EWIT will meet in Edinburgh on April 30.
"The board urges all shareholders to take action now to ensure their votes are cast ahead of applicable deadlines, which may be earlier than the AGM date depending on individual platforms," EWIT stressed.
Its board "strongly recommends" passing resolutions which it has proposed, "including the election and re-election of five independent directors who remain committed to overseeing the company on behalf of all shareholders", according to EWIT.
In parallel, EWIT urged shareholders to oppose the election of three new directors nominated by majority shareholder Saba - namely Gabriel Gliksberg, Jassen Trenkow and Michael Joseph.
Gliksberg is the founder of ATG Capital Management, Joseph is a chartered accountant and deputy chief investment officer of Stansberry Asset Management and Trenkow is a former staffer of Barclays PLC and Goldman Sachs Group Inc.
"Saba's proposed nominees have not engaged with shareholders, despite repeated opportunities, including declining the opportunity to participate in a shareholder Q&A session," EWIT noted on Tuesday.
Back in January, 93% of EWIT shareholders, excluding Saba's voting rights, rejected Saba's proposals to replace the EWIT board. Saba had attempted a similar crusade a year earlier, which also failed.
"Failing to vote risks allowing the company to fall under Saba's control," EWIT Chair Jonathan Simpson-Dent said.
"That is why the board took decisive action to introduce the tender offer, giving shareholders a clear choice: to realise value now while retaining exposure to SpaceX, or to remain invested."
EWIT in March proposed a tender offer to shareholders, which Saba last week followed with its own "enhanced liquidity proposal".
New York-based hedge fund Saba owns around 30% of EWIT, and has proposed three options, contingent on the election of a new Saba-nominated board. EWIT investors can tender their shares immediately and exit at net asset value less costs. Alternatively, they can tender following a potential SpaceX initial public offering or liquidity event - but prior to any potential change in investment mandate - at NAV less costs. The final option is for investors to retain their EWIT holdings.
In response, EWIT has criticised Saba for promising "outcomes it cannot itself deliver".
EWIT shareholders will meet on April 10 in relation to EWIT's tender offer, with the results of that vote announced "as soon as practicable thereafter".
The deadline for voting on EWIT's offer is April 8 and shareholders who wish to tender their shares must do so by April 16.
Nonetheless, Simpson-Dent urged all stakeholders to vote on board elections, before the April 30 meeting.
The chair continued: "Even if shareholders have tendered their shares, it is essential that they vote.
"If re-elected, the board will remain focused on protecting the interests of all shareholders, including ensuring the orderly implementation of the tender offer and the realisation and delivery of SpaceX proceeds."
EWIT shares rose 0.2% to 228.50 pence on Tuesday morning in London and are up 60% over the past year.
By Holly Munks, Alliance News reporter
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Edinburgh Worldwide Investment Trust