Saba Capital renews push for board changes at Edinburgh Worldwide
U.S. hedge fund Saba Capital, led by Boaz Weinstein and the largest shareholder in Edinburgh Worldwide Investment Trust (EWI.L), has renewed calls for investors to elect a new, independent board.
The move comes after what Saba described as a "suspiciously timed" sell-down of Edinburgh Worldwide’s SpaceX stake. The trust reduced its holding by about 35% in October, coinciding with a 49% reduction by Baillie Gifford US Growth Trust (USAB.L) ahead of a proposed merger, News.Az reports, citing Reuters.
Saba is demanding transparency regarding the timing, valuation, and rationale of the stake sale ahead of the January 20 vote on the merger and the board’s future composition.
Last week, Saba had already pressed for board changes, prompting Edinburgh Worldwide to seek "clear and unambiguous answers" on the hedge fund’s proposals. Both Edinburgh Worldwide and Baillie Gifford US Growth Trust have not commented.
In December, Saba blocked a merger of two other Baillie Gifford-managed London-listed investment trusts, highlighting ongoing tension between Weinstein’s hedge fund and Baillie Gifford’s pooled vehicles.
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