Edinburgh Worldwide AGM date fixed for key vote – Daily Business

Jonathan Simpson-Dent: risk of losing control (pic: DB Media Services)

A date has been fixed for shareholders to vote on the latest move in a long-running battle between an Edinburgh investment trust and a New York hedge fund.

Edinburgh Worldwide Investment Trust will hold its annual general meeting at mid-day on 30 April at at the offices of Baillie Gifford in Greenside Row.

The board is recommending that shareholders support all its resolutions, including the election and re-election of five independent directors “who remain committed to overseeing the company on behalf of all shareholders”.

Mungo Wilson will not be standing for re-election as his nine year tenure has come to an end and he is stepping down in line with corporate governance best practice.

Saba Capital Management wants to install Gabriel Gliksberg, Jassen Trenkow and Michael Joseph as directors of the company.

EWIT points out that these are the same three nominees whose appointments were overwhelmingly rejected by over 90% of non-Saba shareholders at the general meeting held on 20 January.

Saba’s proposed nominees have not engaged with shareholders, despite repeated opportunities, including declining the opportunity to participate in a shareholder Q&A session.

Jonathan Simpson-Dent, chair of Edinburgh Worldwide, said: “This AGM is another critical moment for shareholders.

“Shareholders have already rejected Saba’s attempts to take control of the company twice and have overwhelmingly supported the board and its strategy.

“Despite this, Saba has returned for a third time in just 15 months with the same objective shareholders have only recently rejected: to replace the board and take control of the company.

“Our analysis indicates a real risk that control could pass at this AGM if shareholders do not vote. Failing to vote risks allowing the company to fall under Saba’s control. That is why the board took decisive action to introduce the tender offer, giving shareholders a clear choice: to realise value now while retaining exposure to SpaceX, or to remain invested.

“This AGM will determine whether the company continues to be governed by an independent board or becomes controlled by Saba. Even if shareholders have tendered their shares, it is essential that they vote.

“If re-elected, the board will remain focused on protecting the interests of all shareholders, including ensuring the orderly implementation of the tender offer and the realisation and delivery of SpaceX proceeds.”

The deadline for voting on the proposed tender offer is 2pm on 8 April, although some platforms may impose earlier deadlines. Separately, shareholders must elect to tender their shares by 1pm on 16 April.

The general meeting in relation to the tender offer will take place at 2pm on 10 April. The result of the vote will not be announced at that meeting, but will be released as soon as practicable thereafter via a regulatory news service announcement.

#Edinburgh #Worldwide #AGM #date #fixed #key #vote #Daily #Business