Response to Saba’s rejection of its own proposal

Edinburgh Worldwide Inv Trust PLC

13 April 2026

 

For immediate release

Legal Entity Identifier: 213800JUA8RKIDDLH380

13 April 2026

Edinburgh Worldwide Investment Trust plc

Response to Saba's rejection of its own proposal

The Board of Edinburgh Worldwide Investment Trust plc ("EWIT" or the "Company") today responds to the announcement by Saba Capital Management L.P. ("Saba") that it will not support the Further Tender Offer proposed by the Board on 10 April 2026, despite having indicated less than two weeks ago that it would recommend this same proposal.

In its announcement today, Saba purports to reiterate its previous support for the tender offer proposals it had said it would recommend, while simultaneously rejecting that very proposal solely because it has been initiated by the independent Board. This contradiction is both striking and revealing.

The Board's rationale for commencing the process for the Further Tender Offer was to provide shareholders with greater certainty that it would ultimately be implemented. Saba's abrupt reversal today exposes the reality of its approach and is a further demonstration of its willingness to mislead shareholders as to its true objective - to seize control of the Company and its asset base, install itself as manager, and fundamentally overhaul the investment strategy for its own benefit.

While Saba and two other institutions are making up the majority of those in support of this control agenda, nearly 110 million shares held by other shareholders have consistently been voted against such proposals, demonstrating overwhelming opposition to Saba's agenda.

Shareholders must now respond decisively. It is critical that they vote in record numbers at the forthcoming AGM in favour of all Board resolutions and against Saba's resolutions to appoint its nominees.

Jonathan Simpson-Dent, Chair of Edinburgh Worldwide, commented:

"It is extraordinary that Saba has now chosen to block its own proposal which it claims it is still endorsing. This complete contradiction lays bare the fact that Saba cannot be trusted to follow through on its own commitments, even where those commitments were made publicly to shareholders.

Saba has cynically claimed the Board is out of touch with shareholders, yet Saba has never taken the time to engage with retail shareholders or the majority of institutional shareholders, despite repeated invitations. A significant number of shareholders have once again expressed their desire not to be in a Saba-controlled vehicle.  

Saba's actions are not about improving outcomes for all shareholders; they are about control. Saba's announcement today makes that unequivocally clear. If its nominees were appointed, there can be no confidence that any stated intentions would be honoured.

Shareholders now face a clear choice: protect the Company's independence and long-term strategy, or risk handing control to a party whose actions have demonstrated inconsistency, opportunism and disregard for shareholder clarity.

We urge all shareholders to act and vote in record numbers. Vote for the Board's resolutions and vote decisively against Saba's attempt to take control of your Company."

Capitalised terms have the meaning given to them in the Company's announcement of 10 April 2026 unless expressed otherwise.

For further information please contact: 

Investors:

Deutsche Numis

Nathan Brown

Tel: [phone]

Matt Goss

Tel: [phone]

Media:

Greenbrook Advisory

Peter Hewer / Rob White

[phone]

[e-mail] 

Company Secretary:

Baillie Gifford & Co Limited

Tel [phone]

[e-mail]

 

END