“Vital” that shareholders vote on Saba’s Edinburgh Worldwide proposals: AIC

Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “It is vital that shareholders vote their shares. Saba’s proposals to replace the entire board of Edinburgh Worldwide Investment Trust could radically change the company and it is important that all shareholders’ voices are heard.

“There may be a temptation to think that, because Saba Capital lost all seven of the votes it requisitioned earlier this year, that history will repeat itself. That is not a foregone conclusion. Saba owns around 30% of the shares in Edinburgh Worldwide, so that requires a massive turnout from other shareholders if they disagree with Saba’s proposal to replace the current board with its own nominees. Every vote matters.

“Remember, you can vote your shares through investment platforms such as Hargreaves Lansdown, Interactive Investor and AJ Bell, or ask your adviser for help. One of the benefits of an investment trust structure is that shareholders have the final say about what direction the trust takes. Don’t let that opportunity go to waste.”

What action should shareholders take now?

Shareholders in Edinburgh Worldwide need not take any action until the date of the general meeting is announced. This is expected to happen before Christmas. Following the announcement of the date of the general meeting, shareholders will be given the option to vote on Saba’s proposals through their investment platform.

In the meantime, shareholders should consider Saba’s proposals and their potential implications. It is important shareholders are aware of the possible impact of Saba’s proposals so they can make an informed decision about how to vote.

The AIC has prepared a list of questions that shareholders should think about, which can be found below.

Questions shareholders should consider on Saba’s proposals

1. Are you satisfied with the independence of a board made up entirely of directors nominated by Saba, the trust’s largest shareholder?
2. Are you clear about Saba’s intentions for the trust, for example its strategy or potential management changes? Remember, Saba attempted to oust the board at Edinburgh Worldwide in early 2025 stating that it intended to take over the management of the trust.
3. Would you be comfortable with Saba’s nominated directors, if successful, seeking to change the manager of your investment trust, potentially appointing Saba? Current unknowns include any intentions regarding the investment strategy, the fees a new manager may charge, and levels of gearing they might use.
4. Have you considered Edinburgh Worldwide’s long-term performance and the investment trust’s more recent performance since the ‘strategy reset’ undertaken by the board a year ago? The trust is currently trading at a discount of 6% to net asset value, compared to a discount of 9% for its peers in the AIC Global Smaller Companies sector¹. 

- ENDS -

Follow us on X @AICPRESS

Notes to editors

1. Source: theaic.co.uk / Morningstar. Discount data correct as at 16/12/25.
2. The Association of Investment Companies (AIC) represents a broad range of investment trusts and VCTs, collectively known as investment companies. The AIC’s vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 281 members and the industry has total assets of approximately £269 billion.
3. For more information about the AIC and investment trusts, visit the AIC’s website.
4. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.
5. To stop receiving AIC press releases, please contact the communications team.