EWIT shareholders reject US activist investor Saba's resolutions
By Michele Maatouk
Date: Tuesday 20 Jan 2026
(Sharecast News) - Edinburgh Worldwide Investment Trust said on Tuesday that its shareholders have rejected all of the resolutions put forward by Saba Capital Management, which wanted to oust the trust's entire board and replace it with three of its own US-based nominees.
Excluding shares held by Saba, shareholders representing 92.7% of EWIT's shares rejected Saba's proposals. Of the total votes cast, 53.2% voted against Saba's resolutions, in line with the recommendation of the independent board.
Shareholders representing over 70% of the total issued share capital voted on the resolutions - a record shareholder turnout.
Chair Jonathan Simpson-Dent said: "For the second time in less than a year, Edinburgh Worldwide's shareholders have voted decisively to reject Saba's proposal to install its own nominees to the board and the uncertainty that would have entailed.
"Shareholders have clearly stated their preference for EWIT's unique and differentiated mandate, investing in some of the world's most exciting and transformative companies. The board is resolutely focused on building momentum through the Path for Growth strategy which has delivered strong returns for shareholders since its implementation.
"Saba remains our largest shareholder and we will continue to seek constructive engagement with them to develop potential solutions that allow us to move forward. Following 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."
Shareholder advisory services ISS and Glass Lewis had both recommended that shareholders vote against Saba's resolutions.
New York-based activist investor Saba, which owns just under 30% of EWIT, is run by Boaz Weinstein. It had been looking to oust the board of Edinburgh Worldwide on the basis that it does not have faith in its ability to implement the necessary strategic changes.
Saba has been vocal about its disappointment with the company's share price performance, pointing out late last year that the trust's net asset value was down 30.8% over the last five years and the share price had dropped 35%, "massively" underperforming its self-selected benchmark, the FTSE All-Share Index, by more than 100 percentage points.
Saba has also criticised EWIT's "suspiciously timed" decision to slash its stake in Elon Musk's Space X.
Last month, Saba said it was "deeply concerned" at the recent sell-down by Baillie Gifford of the company's stake in SpaceX - which it referred to as "the crown jewel" of the portfolio - just two months prior to SpaceX's scheduled revaluation.
Dan Coatsworth, head of markets at AJ Bell, said: "Activist investor Saba is down but not out. Even though the disruptor has lost in its campaign to reform Edinburgh Worldwide, there are plenty of other investment trusts quivering in their boots at the presence of the activist on their shareholder register.
"AJ Bell's inaugural report on activists in the investment trust world found that Saba has stakes in 46, or approximately one in every six, UK-listed investment trusts."
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