The board of Baillie Gifford-managed Edinburgh Worldwide Investment Trust (EWI) has sent a stiff letter to Saba Capital, managed by Boaz Weinstein, calling for clarification of his agenda by 5 January 2026.
Less than a year ago, Saba campaigned for the removal of the trust’s board and investment manager and a change of strategy to trigger a ‘liquidity event’, but the proposal was roundly rejected by other shareholders.
The letter suggests the board has since sought to engage ‘constructively’ with Saba and put forward what it calls a number of credible options to provide liquidity for shareholders, all of which Saba has rejected.
| Price: 217p +1.2% | NAV: 229.5p |
| Market Cap: £713m | Yield: n/a |
Having launched its campaign for change at EWI a year ago, Saba appears no nearer to a solution.
The situation isn’t helped by Saba’s lack of willingness to confirm who it wants to appoint as directors and what changes it intends to make in terms of investment manager and/or strategy, among other issues.
In contrast, where the US activist has engaged with the boards of target companies – for example SMITHSON (SSON), where both sides have agreed a simple solution to eradicate the discount to NAV – it has achieved a positive outcome, which shows it can be done.
Read the press release here: https://www.bailliegifford.com/en/uk/individual-investors/funds/edinburgh-worldwide-investment-trust/
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