<\/p>\n
Boaz Weinstein heads Saba Capital Management<\/p>\n
Saba Capital Management, the New York hedge fund demanding changes at Edinburgh Worldwide Investment Trust, has made a revised offer to shareholders which it claims is superior to the company\u2019s tender offer.<\/p>\n
As the largest shareholder in EWIT, Saba says the current coard\u2019s proposal, which would force tendering shareholders to accept untradeable tracker shares tethered to the SpaceX position, Saba\u2019s enhanced proposal would provide shareholders a clean exit, on their own terms.<\/p>\n
It would also be at a time of their own choosing, with no complex instruments and no illiquid securities. <\/p>\n
\u201cAfter listening carefully to shareholder feedback, we believe Saba\u2019s enhanced proposal is significantly superior in structure and governance to the company\u2019s proposed tender offer and is in the best interests of all shareholders,\u201d said Saba in a statement.<\/p>\n
\u201cWe do not believe in creating a self-manufactured urgency designed to push shareholders out the door before they have a chance to evaluate their options.\u201d<\/p>\n
It encourages all EWI shareholders to vote\u00a0against the current board\u2019s proposed tender offer ahead of the 8 April deadline, and to elect Saba\u2019s three independent nominees \u2013 Gabriel Gliksberg, Michael Joseph and Jassen Trenkow \u2013 at the upcoming annual general meeting.<\/p>\n
Meanwhile, the Financial Conduct Authority interim executive director Simon Walls has been defending the regulator after criticism from EWIT chair Jonathan Simpson-Dent and others that it trusts are being \u2018short-sighted\u201d about activist interest.<\/p>\n
In a blog published on the FCA\u2019s website entitled\u00a0Investment trust votes, conflicts of interest, and our role, Mr Walls wrote: \u201cThere has been substantial debate over our role in relation to investment trusts, including calls for us to \u2018get to grips\u2019 with voting rules \u2018that allow a minority shareholder to repeatedly attack an investment trust\u2019.<\/p>\n
\u201cMuch of this debate suggests there are misunderstandings about how investment trusts are governed and where responsibilities sit. We\u2019re concerned this may confuse investors in these trusts.\u201d<\/p>\n
Mr Walls added some calls to action have \u201clacked clear proposals or been based on future hypothetical scenarios for which protections often exist.<\/p>\n
\u201cIn recent weeks, some of the language used by boards and managers has implied that certain requisitions for votes are vexatious or not in the best interest of shareholders.\u201d<\/p>\n
However, James Carthew, head of investment companies at QuotedData, criticised this suggestion from the FCA, calling it a \u201cdead end\u201d for shutting down Saba.<\/p>\n
\t #Saba #issues #alternative #plan #EWIT #shareholders #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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