21st Apr 2026 19:49
(Alliance News) - Saba Capital Management LP on Monday said it would submit itself for consideration as the next investment manager of Edinburgh Worldwide Investment Trust PLC, should the trust's board be replaced at its annual meeting next week.
EWIT shareholders will vote on Saba's "enhanced liquidity proposal" and board nominees at the AGM on April 30. EWIT Chair Jonathon Simpson-Dent has urged shareholders to "vote for the board's resolutions and vote decisively against Saba's attempt to take control of your company."
Saba has proposed to elect Gabriel Gliksberg, Jassen Trenkow and Michael Joseph to EWIT's 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.
Should the board be replaced, and Saba chosen as investment manager, it would reposition the firm as a portfolio "predominantly composed of UK-listed investment trust."
It also vowed that management fees would not exceed the current fee structure charged by EWI's existing manager, Baillie Gifford.
Additionally, Saba said it would maintain EWi's share price discount to net asset value within single digits. This would be pursued through an "active and disciplined share buyback programme."
"Any change to EWI's investment manager, including the potential appointment of Saba as manager, would be at the sole discretion of the company's board, in accordance with its fiduciary duties. No Saba employee, affiliate or other representative will be on the company's board and Saba will have no involvement in board deliberations," Saba said.
EWI closed up 1.5% at 238.50 pence on Tuesday in London.
By Aidan Lane, Alliance News reporter
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Edinburgh Worldwide Investment Trust