Edinburgh Worldwide (EWI) chair Jonathan Simpson-Dent has rebutted what he described as ‘misleading statements’ made by Saba Capital.

Speaking at a Q&A session with shareholders ahead of a second vote called by the New York hedge fund to unseat the board later this month, Simpson-Dent accused Saba of ‘distracting from the heart of the debate about the future of Edinburgh Worldwide’.

Joining Citywire on The Trust Show earlier this week, the chair pushed back against a number of these allegations, including questions over his suitability to lead the trust given his previous involvement with HomeServe, which was fined for serious regulatory failings during his tenure.

Today, Simpson-Dent reiterated that fines were imposed after he left the company and he was never interviewed by regulators as part of the investigation, adding: ‘I have never been on the wrong side of the FCA in my career’.

He again rejected theories that EWI sold down its top holding, SpaceX, in preparation for a proposed merger with Baillie Gifford US Growth (USA). Its trimming of the position in October − two months away from a December tender that saw its estimated value nearly double − was ‘suspiciously timed’, according to Saba.

However, Simpson-Dent highlighted that SpaceX had been an ‘extremely successful investment’ since EWI first took a stake in 2018, with the company having returned £10,500 for every £1,000 invested over that time.

Despite trimming the position, SpaceX is still the largest holding in the trust by some way, representing 15.9% of all assets.

Simpson-Dent also denied using disappearing WhatsApp messages to discuss the merger with USA chair Tom Burnet as per Saba’s claims.

He said that due to the rigorous scrutiny around what investment trusts can publish, the two opponents are not operating on a ‘level playing field’.

‘Anything we put out in our circular, in our annual report, in any market announcements, has to absolutely be verified and signed off by lawyers,’ Simpson-Dent explained.

‘An aggressor like Saba is not held to that level of scrutiny. They can cast aspersions as they like. Which they have been doing left right and centre, which are actually incorrect.

‘This is why the FCA needs to get involved because there’s a lot at stake here. We need a level playing field where [Saba] should have to absolutely verify and fact check statements that they make like we do,’ he said.

Simpson-Dent also raised broader concerns around the power harboured by minority shareholders in the UK trust sphere.

‘I’ve got no issue with shareholders being able to remove a board. If a board’s not performing, a chair’s not performing, shareholders should absolutely have the mechanisms to be able to remove as they see fit,’ he said.

‘I do not think it is right that a minority shareholder can put in a new board. That does not feel fair on the other 70% of shareholders.

‘Because of the quirks of investment trusts, and large retail shareholder bases, and the fact that traditionally, retail shareholders have chosen not to vote in AGMs and other processes, Saba could just get away with this.

‘They could just get away with putting their own nominated board in, as a 30% shareholder, and that does not feel right to me.’

Shareholders will have their say on 20 January.