REG - Edinburgh Worldwide - Response to Saba’s rejection of its own proposal

Edinburgh Worldwide Investment TrustAnnouncement

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RNS Number : 2389A  Edinburgh Worldwide Inv Trust PLC  13 April 2026

For immediate release

 

Legal Entity Identifier: 213800JUA8RKIDDLH380

 

13 April 2026

 

Edinburgh Worldwide Investment Trust plc

 

Response to Saba's rejection of its own proposal

 

The Board of Edinburgh Worldwide Investment Trust plc ("EWIT" or the
"Company") today responds to the announcement by Saba Capital Management L.P.
("Saba") that it will not support the Further Tender Offer proposed by the
Board on 10 April 2026, despite having indicated less than two weeks ago that
it would recommend this same proposal.

 

In its announcement today, Saba purports to reiterate its previous support for
the tender offer proposals it had said it would recommend, while
simultaneously rejecting that very proposal solely because it has been
initiated by the independent Board. This contradiction is both striking and
revealing.

 

The Board's rationale for commencing the process for the Further Tender Offer
was to provide shareholders with greater certainty that it would ultimately be
implemented. Saba's abrupt reversal today exposes the reality of its approach
and is a further demonstration of its willingness to mislead shareholders as
to its true objective - to seize control of the Company and its asset base,
install itself as manager, and fundamentally overhaul the investment strategy
for its own benefit.

 

While Saba and two other institutions are making up the majority of those in
support of this control agenda, nearly 110 million shares held by other
shareholders have consistently been voted against such proposals,
demonstrating overwhelming opposition to Saba's agenda.

 

Shareholders must now respond decisively. It is critical that they vote in
record numbers at the forthcoming AGM in favour of all Board resolutions and
against Saba's resolutions to appoint its nominees.

 

Jonathan Simpson-Dent, Chair of Edinburgh Worldwide, commented:

 

"It is extraordinary that Saba has now chosen to block its own proposal which
it claims it is still endorsing. This complete contradiction lays bare the
fact that Saba cannot be trusted to follow through on its own commitments,
even where those commitments were made publicly to shareholders.

 

Saba has cynically claimed the Board is out of touch with shareholders, yet
Saba has never taken the time to engage with retail shareholders or the
majority of institutional shareholders, despite repeated invitations. A
significant number of shareholders have once again expressed their desire not
to be in a Saba-controlled vehicle.

 

Saba's actions are not about improving outcomes for all shareholders; they are
about control. Saba's announcement today makes that unequivocally clear. If
its nominees were appointed, there can be no confidence that any stated
intentions would be honoured.

 

Shareholders now face a clear choice: protect the Company's independence and
long-term strategy, or risk handing control to a party whose actions have
demonstrated inconsistency, opportunism and disregard for shareholder clarity.

 

We urge all shareholders to act and vote in record numbers. Vote for the
Board's resolutions and vote decisively against Saba's attempt to take control
of your Company."

 

Capitalised terms have the meaning given to them in the Company's announcement
of 10 April 2026 unless expressed otherwise.

 

For further information please contact:

 

Investors:

Deutsche Numis

Nathan Brown

Tel: +44 20 7547 0569

Matt Goss

Tel: +44 20 7547 0541

 

Media:

Greenbrook Advisory

Peter Hewer / Rob White

+44 207 952 2000

ewit@greenbrookadvisory.com

 

Company Secretary:

Baillie Gifford & Co Limited

Tel 0131 275 2000

enquiries@bailliegifford.com

 

 

 

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