Edinburgh Worldwide (EWI) has announced it will hold its annual general meeting on Thursday 30 April in a third showdown with its hostile, largest shareholder Saba Capital.

The £783m global equities trust said shareholders should still vote in the AGM even if they have applied to sell their shares in the exit tender offer it has proposed.

The board, chaired by Jonathan Simpson-Dent, is “strongly” recommending that shareholders vote in favour of all its resolutions at the AGM, including the election and re-election of the five independent directors who it said remain committed to overseeing the company on behalf of all shareholders.

Non-executive director Mungo Wilson will not stand for re-election as he has served nine years, the maximum under the UK corporate governance code.

It urged shareholders to vote against the resolutions put forward by Saba to nominate Gabriel Gliksberg, Jassen Trenkow and Michael Joseph as new directors to replace the existing board. “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 2026,” it said.

Simpson-Dent said there was a “real risk” of Saba, holder of 31% of EWI’s shares, winning control of the board if other shareholders did not vote.

“This AGM is another critical moment for shareholders,” he said. “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.”

Concerned that shareholders could be trapped in a fund with a changed investment remit if Saba gains control, led the board to propose an emergency exit tender offer. This is designed to enable them to sell all their shares at close to their asset value while retaining their exposure to SpaceX ahead of what reports suggest could be a $2trn flotation this summer. Fund manager Baillie Gifford last week lifted its valuation of the rocket and satellite group above the $800bn level it doubled to in December. It did not say what the new valuation was but the uplift means the holding in SpaceX now accounts for 20.4% of net assets, up from 16.3%.

The deadline for voting on the tender offer is 2pm tomorrow, although investment platforms may have set earlier deadlines. Shareholders must elect to tender their shares by 1pm on 16 April although again platform deadlines may be earlier.

Simpson-Dent said: “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.”

Stay a step ahead. Our daily newsletter brings you the latest on investment trusts and active ETFs. Subscribe here.