REG - Edinburgh Worldwide - Statement re EWIT open letter to Saba

Edinburgh Worldwide Investment TrustAnnouncement

30/12/2025 07:00

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RNS Number : 0313N  Edinburgh Worldwide Inv Trust PLC  30 December 2025

Edinburgh Worldwide Investment Trust plc

Legal Entity Identifier: 213800JUA8RKIDDLH380

 

Open Letter to Saba

 

The Board of Edinburgh Worldwide Investment Trust plc confirms that it sent
the following open letter to Saba Capital Management, L.P. this morning.

 

Dear Mr Weinstein,

 

The Board of Edinburgh Worldwide Investment Trust ("EWIT") is issuing this
open letter to request that you provide the Company's shareholders with full
transparency and clarity regarding your demand to remove the Company's entire
independent Board and replace it with your three US-based directors.

 

Less than a year ago, you launched a similar campaign seeking to remove the
Board and replace it with your own nominees, replace the independent
investment manager with Saba, change the investment strategy and pursue a
liquidity event. That proposal was overwhelmingly rejected by shareholders who
recognised your objectives for what they were - an attempt to take control of
the Board in order to pursue your own agenda rather than the long-term
interests of EWIT shareholders as a whole.

 

Twelve months on, you have launched a substantially similar campaign although
this time you have stayed silent on your agenda. We can only assume it is the
same as before. As you are aware, our Board has sought to engage
constructively with you on numerous occasions. We have proposed a number of
credible options that would have provided liquidity and choice for all
shareholders. You have rejected every proposal.

 

As shareholders consider the resolutions you have put forward, it is both
reasonable and necessary that they do so with full disclosure. Against that
background, we believe you owe shareholders clear and direct answers to the
following questions.

 

1. In relation to your three proposed director nominees, please confirm:

 

·      If any of the nominees have experience serving on the board of a
UK-listed investment trust or other UK listed company.

·      The nature of each nominee's past or present relationship with
Saba, including whether they have previously been proposed or acted as
representatives of Saba in any capacity.

 

2. Please explain your intended mandate for the Board if your nominees are
elected. In particular:

 

·      Do you intend to change the investment manager (including
appointing yourselves)?

·      Do you intend to change the Company's investment strategy?

·      Do you intend to allow shareholders a full exit due to the change
in strategy?

·      Can you confirm that you would not increase the Company's
management fees?

 

 

 

 

 

On behalf of all shareholders, the Board requests that you provide clear and
unambiguous answers to these questions by no later than 5 January so that
shareholders may properly assess your proposals and make an informed choice.

 

Yours sincerely,

 

 

Jonathan Simpson-Dent

Chair

Edinburgh Worldwide Investment Trust

 

 

 

 

For further information please contact:

 

Investors:

Deutsche Numis

Nathan Brown

Tel: +44 20 7547 0569

nathan.brown@dbnumis.com

Matt Goss

Tel: +44 20 7547 0541

matt.goss@dbnumis.com

 

Media:

Greenbrook Advisory

Rob White / Peter Hewer

+44 207 952 2000

ewit@greenbrookadvisory.com

 

Company Secretary:

Baillie Gifford & Co Limited

crtallenquiries@bailliegifford.com

Tel 0131 275 2000

 

 

 

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