11th Feb 2026 10:46
(Alliance News) - Edinburgh Worldwide Investment Trust PLC on Wednesday warned against the latest attempt at a board overhaul by activist investor Saba Capital Management LP, the trust's largest shareholder.
The Edinburg-based investor acknowledged Saba's notice that it was looking to appoint three new independent directors to the trust's board at its annual general meeting, which is due by the end of April.
Edinburgh Worldwide urged shareholders take no action, and await a further announcement.
This follows Saba's insistence on Tuesday that shareholders vote in favour of its proposals "to ensure the status quo does not continue".
Saba, a New-York based hedge fund and serial agitator of London-listed trusts, has proposed to appoint Gabriel Gliksberg, Michael Joseph and Jassen Trenkow to the board.
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.
Edinburgh Worldwide Chair Jonathan Simpson-Dent argued on Wednesday that Saba is again seeking to replace the entire independent board, despite shareholders rejecting similar resolutions on January 20.
Back in January, 93% of non-Saba holders voted against the hedge fund's proposal to replace the entire board of Edinburgh Worldwide. The failed proposal mirrored a similar effort by Saba about a year earlier.
According to Simpson-Dent, Saba is "repeating a number of misleading statements that have featured throughout its aggressive and personal campaign".
"Saba is evidently choosing not to listen and has, again, chosen not to engage with the board," Simpson-Dent said.
Among the matters with which Saba takes issue is Simpson-Dent's role at Edinburgh Worldwide. Saba claims that Edinburgh Worldwide did not properly disclose Simpson-Dent's prior directorship at HomeServe Membership Ltd, which was fined GBP30.5 million by the UK Financial Conduct Authority back in 2014.
The watchdog penalised HomeServe for mis-selling insurance policies and compliance failures, issuing what was, at the time, its largest ever retail fine.
Additionally, Saba has criticised the decision made by investment manager Baillie Gifford "to materially sell down" shares of SpaceX Corp, which Saba sees as Edinburgh Worldwide's "crown jewel".
Edinburgh Worldwide reduced its SpaceX holding in October by around 35%, while Baillie Gifford US Growth Trust PLC cut its own stake by nearly half.
Edinburgh Worldwide shares were flat at 236.00 pence on Wednesday morning in London. They are up 26% over the last 12 months bukt are down 43% over the past five years.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Edinburgh Worldwide Investment Trust