The Baillie Gifford-managed £860 million Edinburgh Worldwide Investment Trust plc (EWIT) said on Tuesday it is to face a third attempt by New York hedge fund Saba Capital Management to oust the Edinburgh Worldwide board and elect three new directors nominated by Saba.

An EWIT spokesperson said: “For the third time, Saba is seeking to replace the entire independent board with its own nominees in order to take control of the company.

“In doing so, it is repeating a number of misleading statements that have featured throughout its aggressive and personal campaign.

“Only three weeks ago, a record 70% of shareholders participated in the second vote in less than a year, with an overwhelming majority (93%) of non-Saba holders again rejecting its proposals.

“Despite this decisive outcome and the strong shareholder opposition to Saba taking control, Saba is evidently choosing not to listen.

“Since shareholders rejected its resolutions on 20 January, the board has made a number of attempts to engage with Saba and its advisers. On every occasion, Saba has failed to engage.

“The board will update shareholders on its plans in the near future.”

The hedge fund said in a statement: “Saba Capital Management, L.P. (together with certain of its affiliates …), the largest shareholder of Edinburgh Worldwide Investment Trust PLC … today announced that it has proposed resolutions to be added to the notice of the company’s upcoming Annual General Meeting to enable EWI shareholders to elect three new qualified, independent directors and reject the re-election of the incumbent directors.

“In connection with this announcement, Saba issued an open letter to all Company shareholders …”