Edinburgh Worldwide
Investment Trust plc
Legal Entity
Identifier: 213800JUA8RKIDDLH380
03 January
2025
Update for shareholders on Saba
Capital's Requisition Notice
Request for
Saba to provide valid notice: On 18 December
2024, Saba Capital Management, L.P. ("Saba"), wrote to the Board of
Edinburgh Worldwide Investment Trust (the "Company") with a
requisition notice for a General Meeting to replace the Board and
appoint alternative directors (the "Requisition
Notice").
On review of the documentation, in conjunction
with the Company's registrars, it was discovered that Saba's
nominee was not the registered holder of sufficient shares on the
date the Requisition Notice was served for the Requisition Notice
to be a valid request in accordance with Section 303 of the
Companies Act 2006.
Given the need, in the interests of all
shareholders, to ensure full compliance with the Company's legal
obligations, the Chair notified Saba of this issue and asked Saba
whether it wished to resubmit a valid notice.
Board
reiterates commitment to protecting Edinburgh Worldwide's
future: Assuming Saba refiles a valid
requisition notice aligned to its earlier invalid notice, the Board
would convene a general meeting and urge all shareholders to vote
against these resolutions. Saba has proposed a series of actions
that the Board believes are against the shareholders' best
interests. In any event, the Company will convene a general meeting
of its shareholders in due course.
As stated in the initial response to the letter
in our announcement also on December 18th, 2024, the
Board retains a strong conviction in Edinburgh Worldwide's vision
and strategy: To identify and access potential outsized returns
from a carefully selected and managed portfolio of ground-breaking
businesses aiming to transform end markets; a global and broad
sectoral reach with a mandate to deploy a quarter of the Company's
capital into exciting private companies. To deliver on this,
as announced on November 20th, 2024 we have worked with
manager Baillie Gifford to bring forward changes to the way
the Company is managed and its investment parameters, as well as a
commitment to shareholders for a capital return opportunity of up
to £130 million in 2025.
Jonathan Simpson Dent, chair of Edinburgh
Worldwide, said: "The Board of
Edinburgh Worldwide has a duty to act in the interests of all its
shareholders and to ensure correct standards and procedures are
followed. I have therefore asked Saba whether it wishes to submit a
valid requisition notice. I reiterate the Board's commitment to
protect Edinburgh Worldwide, ensuring it can continue with this
exciting mandate and stop Saba seizing control."
For further information please
contact:
Investors:
Deutsche Numis
Nathan Brown
Tel: +44 20 7260 1426
Matt Goss
Tel: +44 20 7260 1642
Media:
Garfield Advisory
Andrew Garfield
Tel: 07974 982 337
Jason Nisse
Tel: 07769 688 518
Baillie Gifford & Co
Naomi Cherry
Tel 0131 275 2000
