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LONDON - Saba Capital Management, L.P. announced Wednesday it has requisitioned a General Meeting of Edinburgh Worldwide Investment Trust PLC (LSE:EWI) shareholders to vote on removing the current Board of Directors and appointing three new independent directors.
The activist investor, which holds approximately 30% of EWI’s shares, stated the proposed new directors would be "committed to delivering long-term value" for shareholders. The announcement comes just one day after EWI revealed plans to merge with Baillie Gifford US Growth Trust plc (LSE:USA), a proposal Saba confirmed it opposes.
In connection with the requisition, Saba issued an open letter to all EWI shareholders outlining its position.
The investment management firm, founded by Boaz Weinstein in 2009, specializes in credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London.
White & Case LLP is serving as legal adviser to Saba Capital Management in this matter.
The announcement represents the latest development in what appears to be a contested situation regarding the future direction of the Edinburgh Worldwide Investment Trust. No date has been set for the requested General Meeting.
This article is based on a press release statement from Saba Capital Management.
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