3rd Jan 2025 21:46
Edinburgh Worldwide Investment Trust PLC - Edinburgh-based investor - Says Saba Capital's December 18 requisition notice to replace the board and appoint alternative directors had named a nominee who was not a registered holder of sufficient shares according to the Companies Act of 2006. As such, the chair has asked Saba if it would like to resubmit a valid notice. Should Saba resubmit, and a general meeting be called, Edinburgh urges "all shareholders to vote against these resolutions" as "Saba has proposed a series of actions that the Board believes are against the shareholders' best interests".
Chair Jonathan Simpson Dent comments: "The board of Edinburgh Worldwide has a duty to act in the interests of all its shareholders and to ensure correct standards and procedures are followed. I have therefore asked Saba whether it wishes to submit a valid requisition notice. I reiterate the board's commitment to protect Edinburgh Worldwide, ensuring it can continue with this exciting mandate and stop Saba seizing control."
Edinburgh's board says it "retains a strong conviction in Edinburgh Worldwide's vision and strategy: To identify and access potential outsized returns from a carefully selected and managed portfolio of ground-breaking businesses aiming to transform end markets; a global and broad sectoral reach with a mandate to deploy a quarter of the company's capital into exciting private companies.
"To deliver on this, as announced on November 20th, 2024 we have worked with manager Baillie Gifford to bring forward changes to the way the company is managed and its investment parameters, as well as a commitment to shareholders for a capital return opportunity of up to GBP130 million in 2025."
Current share price: 198.60p, closed up 0.8% in London on Friday
12-month change: up 30%
By Aidan Lane, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Edinburgh Worldwide Investment Trust