Edinburgh Worldwide Investment Trust urges shareholders to throw out Boaz Weinstein's bid to overhaul board
The Baillie Gifford-run trust faces a boardroom battle with activist investor Boaz Weinstein's Saba Capital.
TL;DR
- Edinburgh Worldwide Investment Trust (EWIT) urges shareholders to reject Saba Capital's plan to replace its board.
- Saba Capital, holding a 30% stake, seeks to appoint its own directors, citing 'unprecedented value destruction' at EWIT.
- EWIT highlights its strong NAV total return of 16.2% over the past 12 months, outperforming its benchmark.
- The trust also notes a share buyback program has significantly narrowed its discount compared to peers.
- Saba previously attempted a board replacement in February, which was rejected by investors.
- Saba's increased stake blocked a proposed merger between EWIT and another Baillie Gifford fund.
- A dispute has arisen over the sale of SpaceX shares by Baillie Gifford from EWIT and US Growth trusts at a price Saba considers too low.