LONDON - Edinburgh Worldwide Investment Trust plc (the "Company") has responded to a requisition notice from Saba Capital Management, L.P. ("Saba"), which sought a General Meeting to replace its Board and appoint alternative directors. The Company, after consulting with its registrars, found that Saba’s nominee did not hold sufficient shares on the date the Requisition Notice was served, making the request invalid under Section 303 of the Companies Act 2006.
In a statement released today, the Company’s Chair, Jonathan Simpson Dent, emphasized the Board’s duty to act in the best interests of all shareholders and maintain proper standards and procedures. He has requested that Saba submit a valid notice if it wishes to pursue the matter further. The Board has firmly opposed Saba’s proposed actions, which it believes could harm shareholder interests.
The Company had previously announced on December 18, 2024, its commitment to Edinburgh Worldwide’s strategy and vision. This includes identifying potential high returns from innovative businesses and investing up to a quarter of its capital in private companies. In line with this strategy, the Company, in collaboration with manager Baillie Gifford, announced on November 20, 2024, changes to its management approach and investment parameters. Additionally, a capital return opportunity of up to £130 million for shareholders in 2025 was confirmed.
Despite the challenge from Saba, the Board plans to convene a general meeting for its shareholders to address the issues raised. Simpson Dent reiterated the Board’s dedication to protecting the future of Edinburgh Worldwide and preventing Saba from taking control.
This update is based on a press release statement from Edinburgh Worldwide Investment Trust plc.
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