Boaz Weinstein has revived his effort to replace the board of the Edinburgh Worldwide Investment Trust, less than a year after shareholders rejected similar proposals from his firm, Saba Capital Management, according to a report by Bloomberg.
In a letter on Thursday, Saba said it will request a general meeting to remove the entire board and appoint a new slate of “qualified, independent directors.” The New York-based hedge fund holds about 30% of the trust, which oversaw £847m in assets at the end of October and counts SpaceX among its largest positions.
Saba criticised the trust’s performance and said it did not believe the board could enact “necessary strategic changes”. EWIT was one of seven UK investment trusts targeted by Saba earlier this year in a campaign that failed to gain sufficient investor backing.
EWIT chair Jonathan Simpson-Dent said the board is open to discussing its composition but “would strongly reject” a full replacement, adding that Saba’s letter was disappointing given recent engagement and what he described as “significant progress” since last year’s strategic reset.
