SoFi stock falls after announcing $1.5B public offering of common stock
LONDON - Edinburgh Worldwide Investment Trust plc (LSE:EWI) announced it has received a requisition notice from Saba Capital Management to convene a general meeting aimed at removing all six independent non-executive directors and appointing three new directors nominated by Saba.
The requisition, received on December 3, proposes ordinary resolutions to appoint Gabi Gliksberg, Jassen Trenkow and Michael Joseph as directors of the company, according to a press release statement issued Thursday.
Jonathan Simpson-Dent, Chair of Edinburgh Worldwide, characterized the move as "a power grab" and Saba’s second attempt to replace the entire board with U.S. candidates. He stated the hedge fund’s goal is "to gain control of the Company to prioritise their own commercial interests."
The chair noted that since the board reset the company’s direction a year ago, Edinburgh Worldwide has achieved a net asset value (NAV) total return of 13.1%, outperforming its benchmark S&P Global Small Cap Index, which returned 5.0% during the same period.
The trust’s current discount stands at 5.4%, which is narrower than the Global Smaller Companies peer group weighted average discount of 11.0%, according to data sourced from Deutsche Numis Research as of December 2.
The board has recommended that shareholders take no action regarding the requisition notice and await further announcements from the company.
Edinburgh Worldwide Investment Trust specializes in investing in small cap growth companies globally.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.