Baillie Gifford’s £850 million Edinburgh Worldwide Investment Trust plc (EWIT) has urged shareholders to vote against New York hedge fund Saba Capital Management’s bid to remove all six of its independent non-executive directors and appoint three US-based individuals nominated by Saba.
Edinburgh Worldwide said: “The company you know is in danger: Saba’s shareholding is now larger than when it previously attempted to seize control in February. This significantly increases the possibility of Saba succeeding this time …
“Shareholders cannot take for granted that Saba will be defeated again. Your vote matters.
“Saba has increased its stake from around 25% at the time of the last vote to over 30% today. This makes your vote more important than ever. If shareholders want to keep the company out of Saba’s hands, they must turn out and vote in even greater numbers than before.”
In a stock exchange statement, the fund added: “Edinburgh Worldwide Investment Trust plc confirms it received a valid requisition notice on the 3rd of December 2025 from Saba Capital Management, L.P. seeking to remove all six independent non-executive directors and appoint three US based individuals nominated by Saba.
“Accordingly, the board will now convene a general meeting. A circular, including notice of the Requisitioned General Meeting, will be posted to shareholders in due course in accordance with the requirements of the Companies Act.
“The board will strongly urge shareholders to VOTE AGAINST Saba’s proposed resolutions.
“Saba wants to take control on the cheap: Saba is again attempting to seize control of the Company. A similar attempt to take control was overwhelmingly voted down in February 2025.
“What Saba isn’t telling you: The Board believes that Saba’s objectives have not changed. Saba continues to prioritise its own commercial interests to the potential detriment of other shareholders.
“Saba’s nominee directors would not be independent. All three have been selected by Saba, and their appointment in place of the current directors would effectively hand Saba control of the Company.
“Saba has not disclosed its plans should it gain control. It previously stated its intention to be appointed as investment manager, which would fundamentally change the Company’s investment strategy and financially benefit Saba.
“What you would lose: Shareholders have chosen EWIT because it offers a unique and distinctive portfolio of disruptive and transformative companies positioned for long-term growth, including BillionToOne, Echodyne, SHINE Technologies, PsiQuantum, SpaceX (the Company’s largest holding), Axon Enterprises, and Alnylam Pharmaceuticals. The approach of Saba and its associates to this portfolio is unknown.
“The Board’s policies are working: In early 2024, the Board, under new leadership, undertook a comprehensive review of the investment mandate, the manager and its operational capabilities to improve performance and drive long term value creation for ALL shareholders. The Company is delivering against this plan:
“NAV total return of +16.2% over last 12 months compared to +6.0% for the S&P Global Small Cap Index (the Company’s benchmark).
“An enhanced share buy-back programme that has contributed to an average discount over the last 12 months of 5.3%, a top quartile outcome in the Equity Investment Companies sector and significantly narrower than the Global Smaller Companies peer group weighted average discount of 17.9% …”
Edinburgh Worldwide chair Jonathan Simpson-Dent said: “Since this Board set out its Path for Growth strategy just over twelve months ago, the Company has made strong progress.
“Performance has exceeded the benchmark, and the discount compares very favourably with peers. Shareholders are benefiting from access to a distinctive, diversified global portfolio of high-growth companies, both public and private, which we are confident can deliver long-term outperformance.
“Despite this significant progress, an aggressive US hedge fund wants to remove the entire Board and replace it with its own three US nominees in another attempt to seize control for its own commercial advantage, at the expense of other shareholders.
“We urge Saba to explain to EWIT shareholders its intentions beyond replacing the Board, to allow shareholders to make an informed choice in January rather than face considerable uncertainty should it succeed.
“Your vote is more important than ever, particularly considering Saba’s enlarged stake. If shareholders want to keep the Company out of Saba’s control and ensure they have a voice in its future, they must turn out and vote in even greater numbers than before.”