New EWIT board says top priority is to maximise shareholder value

1st May 2026 11:53

(Sharecast News) - The new board of Edinburgh Worldwide Investment Trust said on Friday that its top priority is to maximise shareholder value after activist investor Saba Capital finally succeeded in ousting the trust's directors.

The brief statement came after resolutions to re-elect the existing board and chair Jonathan Simpson-Dent failed to pass at the company's annual general meeting on Thursday.

EWIT's six directors have now stepped down following pressure from Saba Capital, which had made repeated attempts to oust the board and replace it with its own nominees.

Around 62.8% of votes cast at the AGM were in favour of Saba's nominees, Gabriel Gliksberg, Jassen Trenkow and Michael Joseph, who took over on Thursday.

The new board said on Friday: "It is an honour to join the EWIT board and bring our collective experience to this critical moment for the company.

"As independent directors, our top priority is maximising value for all shareholders, and we are ready to get to work. In the coming days, we look forward to engaging with shareholders and sharing more on the path ahead as we begin a new chapter at EWIT."

In a statement ahead of the AGM vote on Thursday, in which EWIT predicted the votes would not go its way, Simpson-Dent said: "This is a disappointing day for our long-standing shareholders who are set to lose exposure to this exciting mandate focused on next-generation technology, seemingly in favour of Saba's plan to invest in other UK investment trusts.

"Retail and private wealth shareholders have been ground down by Saba's repeated attacks. A significant number have already chosen to exit the company, replaced by institutions seeking to capture the upside potential in EWIT's substantial SpaceX exposure. I expect many more retail and private wealth shareholders to follow. This should represent a wake-up call for the investment trust sector and its regulators."

New York-based Saba Capital, which was founded by Boaz Weinstein, is EWIT's biggest shareholder with a 29% stake.

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