Saba Capital has made a second attempt to replace the board of Edinburgh Worldwide investment trust.

In an open letter to the board, Saba founder and CIO Boaz Weinstein called for an EGM to vote on replacing the entire board.

In its place, Saba is seeking to appoint a new board composed solely of qualified, independent directors.

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The US hedge fund owns approximately 30% of Edinburgh Worldwide’s shares.

Weinstein said the firm had been “profoundly disappointed” by the trust’s share price performance for some time.

Over the past five years, the trust’s net asset value is down 30.8%, while its share price has fallen 35%. The average AIC Global Smaller Companies sector trust has risen 5% over the same period.

“We do not have faith in the current board’s ability to implement the necessary strategic changes. As the company’s largest shareholder, we feel a duty to our fellow shareholders to drive this essential change,” Weinstein said.

Shareholders rejected Saba’s previous attempt to replace the board in February. Of the shares voted at the time, 63.8% rejected Saba’s proposals. Excluding the votes casted by Saba, 98.4% of shares voted against the changes.

Edinburgh Worldwide has been contacted for comment.

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