{"id":709812,"date":"2026-01-21T01:26:36","date_gmt":"2026-01-21T01:26:36","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/709812\/"},"modified":"2026-01-21T01:26:36","modified_gmt":"2026-01-21T01:26:36","slug":"edinburgh-worldwide-it-shareholders-reject-saba-proposals","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/709812\/","title":{"rendered":"Edinburgh Worldwide IT shareholders reject Saba proposals"},"content":{"rendered":"<p>Edinburgh Worldwide (EWIT) shareholders once again rejected Saba Capital\u2019s <a href=\"https:\/\/portfolio-adviser.com\/saba-capital-officially-requisitions-edinburgh-worldwide-board\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">proposal<\/a> to overthrow the investment trust\u2019s board at an extraordinary general meeting held today (20 January).<\/p>\n<p>Some 53.2% of votes were against Saba\u2019s proposals, which would have seen the board of directors replaced with Saba\u2019s nominees. <\/p>\n<p>When taking out Saba\u2019s c.30% share in the trust, 92.7% of the shares voted were cast against the proposals.<\/p>\n<p><strong>See also:\u00a0<a href=\"https:\/\/portfolio-adviser.com\/saba-capital-opposes-baillie-gifford-trusts-merger\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Saba Capital opposes Baillie Gifford trusts merger<\/a><\/strong><\/p>\n<p>Turnout was high, beating Saba\u2019s <a href=\"https:\/\/portfolio-adviser.com\/significant-shift-in-strategy-saba-capital-targets-four-more-investment-trusts\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">previous attempt<\/a> to overthrow the board a year ago, as over 70% of the total issued share capital voted on the resolutions. The board noted a high level of retail participation through platforms.<\/p>\n<p>The vote had followed a feud between the board and its largest shareholder in recent weeks, with Saba founder and CIO Boaz Weinstein criticising EWIT\u2019s performance in recent years and its decision to trim a position in SpaceX.<\/p>\n<p>\u201cShareholders have clearly stated their preference for EWIT\u2019s unique and differentiated mandate, investing in some of the world\u2019s most exciting and transformative companies,\u201d said board chair Jonathan Simpson-Dent. \u201cThe board is resolutely focused on building momentum through the Path for Growth strategy which has delivered strong returns for shareholders since its implementation.<\/p>\n<p>\u201cSaba remains our largest shareholder and we will continue to seek constructive engagement with them to develop potential solutions that allow us to move forward,\u201d he added. <\/p>\n<p>\u201cFollowing a year of significant and costly distraction, we are ready to return our full attention to our primary purpose: investing in innovation, transformation, and exceptional potential in a way that respects the clear wishes expressed by the majority of shareholders both last February and again today.\u201d<\/p>\n<p><strong>See also: <a href=\"https:\/\/portfolio-adviser.com\/saba-capital-calls-for-managed-wind-down-of-workspace-group\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Saba Capital calls for managed wind-down of Workspace Group<\/a><\/strong><\/p>\n<p>Reacting to the vote, QuotedData head of investment companies James Carthew, said: \u201cSo, a record turnout and almost everyone bar Saba rejecting its proposals. Surely the message must get through to Saba that investors don\u2019t want it in charge; not of EWI, nor Herald, nor Impax Environmental Markets, nor any other trust for that matter.<\/p>\n<p>\u201cIf it wants to run a trust it must IPO one. Time for it to admit defeat and accept the generous exit terms that Herald and Impax Environmental have put on the table.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Edinburgh Worldwide (EWIT) shareholders once again rejected Saba Capital\u2019s proposal to overthrow the investment trust\u2019s board at an&hellip;\n","protected":false},"author":2,"featured_media":597174,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[8816],"tags":[748,1102,191018,191019,4884,6994,187670,712,16,15],"class_list":["post-709812","post","type-post","status-publish","format-standard","has-post-thumbnail","category-edinburgh","tag-britain","tag-edinburgh","tag-edinburgh-worldwide","tag-edinburgh-worldwide-investment-trust","tag-great-britain","tag-saba","tag-saba-capital","tag-scotland","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115930489730009597","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/709812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=709812"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/709812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/597174"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=709812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=709812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=709812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}