EWIT Response to requisition of a General Meeting

Summary by AI BETAClose X

Edinburgh Worldwide Investment Trust plc has received a requisition notice from Saba Capital Management, L.P. to convene a General Meeting to remove the current six independent non-executive directors and appoint three new directors. The Board recommends shareholders take no action, highlighting the Trust's net asset value total return of +13.1% since a strategic reset a year ago, outperforming its benchmark index, and a tightly managed discount of 5.4%, which is significantly narrower than the peer group average of 11.0%. The Board views Saba's proposal as a power grab to gain control and prioritize its own commercial interests.

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