Edinburgh Worldwide Investment Trust PLC shareholders have again rejected a boardroom shake-up proposed by its largest investor, Saba Capital.
All nine resolutions put forward by Saba at a requisitioned general meeting failed to pass. The US investor was seeking to replace the entire board with three new directors, part of a campaign it has waged against several trusts and a wider trend seen in the sector as wide discounts persist at many listed funds.
Of the votes cast, 53.2% opposed the resolutions. When excluding Saba’s own shares, 92.7% of shareholders voted against the proposals.
The trust recorded its highest-ever shareholder turnout, with more than 70% of the total issued share capital participating. The board said this was driven by high engagement from retail shareholders using digital platforms.
“For the second time in less than a year, Edinburgh Worldwide's shareholders have voted decisively to reject Saba's proposal to install its own nominees to the Board,” said chair Jonathan Simpson-Dent.
He added: “We are ready to return our full attention to our primary purpose: investing in innovation, transformation, and exceptional potential in a way that respects the clear wishes expressed by the majority of shareholders.”
In January, Edinburgh Worldwide had urged shareholders to reject the attempt by Saba to replace its directors, arguing it threatened the trust’s long-term growth mandate.
A similar proposal was rejected by shareholders last February, with 63.8% voting against, though Saba made a second attemtp after increasing its stake in the trust to over 30%.