Edinburgh Worldwide Investment Trust PLC has urged shareholders to vote against a renewed attempt by Saba Capital Management to take control of the company, after receiving a requisition to replace the entire board with three US-based nominees selected by Saba.
This marks the second takeover effort by the activist investor this year. A similar proposal was rejected by shareholders in February 2025, with 63.8% voting against.
Saba has since increased its stake in the trust to over 30%, raising the risk of success in a new vote.
Among its several criticisms of Saba and its proposals, the board accused the hedge fund of pursuing its own commercial interests, including a possible change in investment manager and strategy, which could be to the detriment of other shareholders.
It also said that Saba’s proposed directors are "based in the US and appear to have no experience in managing or overseeing UK investment trusts, or UK-listed companies, or operating within the UK's regulatory frameworks".
Board chair Jonathan Simpson-Dent said: “Despite significant progress, an aggressive US hedge fund wants to remove the entire board... at the expense of other shareholders.”
The board highlighted EWIT’s recent 16.2% NAV total return, outperforming its benchmark, and a narrowing discount through enhanced buybacks.
It warned that the future of its portfolio of high-growth public and private companies is uncertain under Saba’s control.
A shareholder circular will be sent out ahead of a general meeting in early 2026.