On 18 December 2024, Saba Capital Management, L.P. (“Saba”), wrote to the Board of Edinburgh Worldwide Investment Trust (the “Company”) with a requisition notice for a General Meeting to replace the Board and appoint alternative directors.
On review of the documentation, in conjunction with the company’s registrars, it was discovered that Saba’s nominee was not the registered holder of sufficient shares on the date the requisition notice was served for the requisition notice to be a valid request in accordance with Section 303 of the Companies Act 2006.
Given the need, in the interests of all shareholders, to ensure full compliance with the company’s legal obligations, the chair notified Saba of this issue and asked Saba whether it wished to resubmit a valid notice.
[This suggests that Edinburgh Worldwide’s vote will come later than those of the other trusts targeted (unless this is not an isolated incident).]
EWI : Edinburgh Worldwide questions validity of Saba’s requisition
