REG - Edinburgh Worldwide - Response to open letter from Saba Capital

Edinburgh Worldwide Investment TrustAnnouncement

27/11/2025 14:30

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RNS Number : 3312J  Edinburgh Worldwide Inv Trust PLC  27 November 2025

 

Response to open letter from Saba Capital

 

The Board of Edinburgh Worldwide Investment Trust ("EWIT" or the "Company"),
together with its advisers, note the open letter (the "Open Letter") by Saba
Capital Management, L.P. ("Saba") setting out their intention to requisition a
general meeting of the Company to remove the incumbent Board.

 

In response, Jonathan Simpson-Dent, Chair of EWIT, said:

 

"We are disappointed by Saba's open letter. Throughout the last year we have
sought to engage with Saba to understand their objectives and to enter into a
constructive dialogue regarding options for an equitable and holistic
solution, including a return of capital.

 

"Saba's open letter does not represent the significant progress EWIT has made
since this Board reset the Company on a path for growth a year ago. Since
then, NAV total return has been +17.5% to date, well ahead of the S&P
Global Small Cap Index (+4.8%), the Company's benchmark index. The benchmark
cited in Saba's open letter, the FTSE All-Share, is not EWIT's. It makes
little sense to judge a global small-cap trust against a UK all-cap benchmark,
a point noted by the sell-side analyst community today.

 

"Furthermore, the Company's actions over the last year have supported a
tightly managed discount, currently 5.6%, significantly narrower than the
Global Smaller Companies peer group weighted average discount of 10.9%.

 

"While we are open to discuss Board composition with Saba, we would strongly
reject any proposal to replace the entire Board and the ambiguity that would
follow.

 

"The Board continues to seek constructive dialogue with Saba. The Board's
Financial Adviser had already requested a meeting with Saba ahead of receiving
today's open letter, which Saba had requested be deferred until next week. We
will update shareholders on further developments in due course."

 

 

For further Information, please contact:

 

Jonathan Simpson-Dent

Via Deutsche Numis

 

Deutsche Numis, Financial Adviser and Broker

Nathan Brown / Matt Goss

+44 207 545 8000

 

Media contacts:

Greenbrook

Rob White / Peter Hewer

 

+44 207 952 2000

ewit@greenbrookadvisory.com (mailto:ewit@greenbrookadvisory.com)

 

 

Note: all data sourced from Deutsche Numis Research

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