1st May 2026 10:19
(Alliance News) - Edinburgh Worldwide Investment Trust PLC's new board on Friday said its "top priority is maximising value for all shareholders" after Saba Capital Management LP succeeded in ousting the previous board, following a long stand-off.
On Thursday, resolutions to re-elect EWIT's existing board and chair, Jonathan Simpson-Dent, did not pass, as 61% of votes were cast against with around 39% in favour.
Ahead of the meeting on Thursday morning, EWIT released a statement saying it expected its own resolutions to fail, and Saba's to pass, as the New York-based hedge fund holds a majority stake in EWIT.
Around 63% of votes were cast in favour of Saba's nominees, Gabriel Gliksberg, Jassen Trenkow and Michael Joseph. The three directors took over the board on Thursday.
On Friday, the new board said: "It is an honour to join the EWIT board and bring our collective experience to this critical moment for the company."
"As independent directors, our top priority is maximising value for all shareholders, and we are ready to get to work. In the coming days, we look forward to engaging with shareholders and sharing more on the path ahead as we begin a new chapter at EWIT."
Jonathon Simpson-Dent on Thursday said it was "a disappointing day for long-standing shareholders".
Saba had attempted and failed to have its nominees elected earlier this year, and previously in 2025.
Saba confirmed earlier this month that it would submit itself for consideration as EWIT's new investment manager, should it succeed in replacing the board. The activist investor previously accused EWIT's past directors of failing to address underperformance.
Shares in EWIT were down 1.1% at 232.38 pence on Friday morning in London. The stock has gained 47% over the last 12 months.
By Michael Hennessey, Alliance News reporter
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