20th Jan 2026 14:22
(Alliance News) - Edinburgh Worldwide Investment Trust PLC said none of the resolutions proposed by Saba Capital Management LP were passed at Tuesday's general meeting.
Activist investor Saba was calling for the removal of all six independent non-executive directors from EWIT's board, including Chair Jonathan Simpson-Dent, and for their replacement with three of its own choices at the requisitioned general meeting.
Of the total votes cast, 53% of shares were voted against Saba's resolutions. Excluding shares held by Saba, shareholders representing 93% of the shares rejected Saba's proposals.
Shareholders representing over 70% of the total issued share capital voted on the resolutions, a record shareholder turnout, EWIT noted.
"This level of shareholder participation in the vote was supported by a high level of engagement by retail shareholders who hold their shares through digital platforms," EWIT added.
Last week, Saba said EWIT's board has overseen "prolonged underperformance" and ignored "basic governance standards".
When the meeting was called, EWIT accused Saba of "wanting to take control on the cheap" after a similar move was voted down in February.
On Tuesday, EWIT Chair Simpson-Dent said: "For the second time in less than a year, Edinburgh Worldwide's shareholders have voted decisively to reject Saba's proposal to install its own nominees to the board and the uncertainty that would have entailed.
"Shareholders have clearly stated their preference for EWIT's unique and differentiated mandate, investing in some of the world's most exciting and transformative companies. The board is resolutely focused on building momentum through the path for growth strategy which has delivered strong returns for shareholders since its implementation."
Chair Simpson-Dent said EWIT will "continue to seek constructive engagement" with Saba, which remains the trust's largest shareholder.
"Following a year of significant and costly distraction, we are ready to return our full attention to our primary purpose: investing in innovation, transformation, and exceptional potential in a way that respects the clear wishes expressed by the majority of shareholders both last February and again today," Chair Simpson-Dent added.
Shares in Edinburgh Worldwide Investment Trust were down 0.2% at 221.52 pence on Tuesday afternoon in London.
By Michael Hennessey, Alliance News reporter
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