LONDON - Edinburgh Worldwide Investment Trust plc (LSE:EWI) is currently addressing a requisition notice from shareholder Saba Capital Management, L.P., which is seeking to convene a General Meeting to potentially overhaul the company's board of directors. The notice, received today, proposes the removal of the Trust's six independent non-executive directors and the appointment of Paul Kazarian and Jonathan Zucker as directors.
This development follows the Trust's recent strategic review, announced on November 20, 2024, which outlined measures aimed at revitalizing growth. The review resulted in a series of changes, including the appointment of new co-managers to the investment team, a rebalancing of the portfolio, and an increase in the upper market capitalization threshold for investments from USD 5 billion to USD 25 billion.
The Board of Edinburgh Worldwide, in conjunction with its manager Baillie Gifford, has also proposed a potential distribution of up to £130 million to shareholders. These changes were presented at a general meeting earlier today, where all resolutions were passed.
Jonathan Simpson Dent, chair of Edinburgh Worldwide, expressed confidence in the new strategic direction and the potential for improved future performance. He emphasized the narrowing of the discount to net asset value (NAV) in the share price, which has approached NAV more closely since the November announcement.
The Board has advised shareholders to refrain from taking any action regarding the requisition notice until further announcements are made by the company. The information presented in this article is based on a press release statement from Edinburgh Worldwide Investment Trust plc.
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