14th Feb 2025 14:29
(Alliance News) - Edinburgh Worldwide Investment Trust PLC on Friday said none of the resolutions proposed by Saba Capital Management LP were passed at a requisitioned board meeting.
The Edinburgh, Scotland-based fund said 64% of the votes cast were against Saba's resolutions.
The company said 65% of shareholders voted on the resolutions, with participation supported by a high level of engagement from retail shareholders.
Saba, founded by former Deutsche Bank banker Boaz Weinstein, had requisitioned general meetings of seven trusts and nominated representatives to replace existing directors.
All seven trusts have now voted against the resolutions.
Saba Capital on Monday said it intends to requisition general meetings at four further trusts, targeting proposals for liquidity at net asset value and the transition of the trusts to open-ended funds.
The four trusts called out were CQS Natural Resources Growth & Income PLC, European Smaller Cos Trust PLC, Middlefield Canadian Income PCC and Schroder UK Mid Cap Fund PLC.
Both CQS Natural Resources Growth & Income and European Smaller Cos Trust were targeted in December, too.
On Friday, Saba withdrew the requisition notice at European Smaller Cos Trust for 30 days to allow discussions to take place.
Edinburgh Worldwide Investment Trust Chair Jonathan Simpson-Dent said: "Edinburgh Worldwide's shareholders have spoken: they have rejected Saba Capital's proposal for a fundamentally different strategy based on fundamentally different principles with a fundamentally different investment approach.
"Today's result confirms that this unique mandate still appeals, but shareholders also expect the trust to deliver. We took decisive action in 2024 with positive early results. Our job now is to deliver the performance our shareholders rightly expect."
Shares in Edinburgh Worldwide Investment Trust were up 1.2% to 186.19 pence in London on Friday afternoon.
By Michael Hennessey, Alliance News reporter
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