Edinburgh Worldwide shareholders reject Saba Capital proposals for board overhaul (updated)
20/01/2026 14:45
Adds details on voting, background in paragraphs 2-6 Jan 20 (Reuters) - Edinburgh Worldwide Investment Trust EWI.L said on Tuesday its shareholders have rejected all resolutions proposed by top shareholder Saba Capital to replace its entire board. Of the total votes cast, 53.2% were against the proposals by Boaz Weinstein's hedge fund at a requisitioned general meeting. Over 70% of total shares participated in the vote in what the company called a record turnout. Saba had renewed its call for investors to elect a new, independent board after Edinburgh Worldwide cut its stake in Elon Musk-owned SpaceX by about 35% in October. The U.S. activist investor had called the sell down "suspiciously timed" and alleged it was done to facilitate a merger with Baillie Gifford US Growth Trust USAB.L, which had also cut its SpaceX stake. In December, Saba blocked the proposed merger of the London-listed investment trusts. The board would seek constructive engagement with Saba to develop solutions to move forward, Edinburgh Worldwide's Chair Jonathan Simpson-Dent said. Saba Capital did not immediately respond to a request for comment. (Reporting by Raechel Thankam Job, additional reporting by Atharva Singh in Bengaluru; Editing by Krishna Chandra Eluri) ((RaechelThankam.Job@thomsonreuters.com;))