Edinburgh Worldwide Investment Trust Regulatory News (EWI)

For immediate release

Legal Entity Identifier: 213800JUA8RKIDDLH380

20 April 2026

Edinburgh Worldwide Investment Trust plc

EWIT confirms intention to maintain existing investment mandate and provide those shareholders who do not support the investment strategy with an opportunity to exit via a tender offer following AGM

Independent Voting Advisors ISS, Glass Lewis and PIRC all recommend shareholders vote FOR the re-election of the independent Board members and AGAINST Saba's proposed nominees

The Board of Edinburgh Worldwide Investment Trust plc ("EWIT" or the "Company") today sets out its position and intentions should shareholders vote in favour of the independent Board at the AGM on 30 April 2026 and reject Saba Capital Management L.P.'s ("Saba") third attempt to take control of the Company.

It is evident that there are distinct shareholder groups with differing objectives. One group, comprising principally Saba, with the support of two other institutions, is seeking to take control of the Company by appointing its own board, replacing the manager and materially altering the investment strategy. At the other end of the spectrum, another group, representing the substantial majority of all other voting shareholders, has consistently supported the continuation of the Company's current mandate and the Path for Growth strategy, which has generated a total NAV return of 42.1% since its implementation and an 18.2% outperformance relative to its benchmark(1).

In the event that shareholders vote to retain the current Board and reject Saba's proposed nominees, the Board confirms that it will continue to pursue the Path for Growth strategy. This is Saba's third attempt to take control of the Company. A further rejection from shareholders would establish a clear mandate for the continuation of the Company and its unique mandate. The Board will continue to hold the manager to account for delivering long-term outperformance against the benchmark and for identifying opportunities that enable shareholders to benefit from the next generation of high-growth companies.

If the Board is retained at the AGM, it believes that repeated requisitions of this nature undermine orderly governance and will be strongly resisted. Furthermore, the Board welcomes the FCA's ongoing review of the regulatory framework and hopes it will strengthen criteria for board independence and conflicts of interest that are required to protect retail shareholders against a minority seeking to exploit it to take control.

Recognising the differing objectives of these shareholder groups, the Board reiterates its intention to seek to work with Saba and the other two institutions following the AGM to provide those shareholders who do not support the investment strategy with an opportunity to exit via a tender offer, while allowing those who support the Company and the independent Board to remain invested. The Board will continue to advocate strongly for the long-term investment case of EWIT. 

While the Board was disappointed by the outcome of the recent vote on the Tender Offer on 10 April 2026, the result was closely contested. Shareholders who support the continuation of EWIT in its current form should take confidence from this and recognise that a strong level of participation at the AGM, at least comparable to that seen in January 2026, will be critical in determining the outcome of the AGM.

The Board strongly recommends that shareholders VOTE IN FAVOUR of the Board resolutions at the AGM, including the election and re-election of the five current independent directors who remain committed to overseeing the Company on behalf of all shareholders. The Board strongly recommends that shareholders VOTE AGAINST the three resolutions proposed by Saba to appoint Gabriel Gliksberg, Jassen Trenkow and Michael Joseph as directors of the Company.

These recommendations are supported by independent voting advisers ISS, Glass Lewis and PIRC, all of whom have recommended that shareholders vote in line with the Board.

Jonathan Simpson-Dent, Chair of Edinburgh Worldwide, commented:

"We are extremely encouraged by strong and consistent support from the majority of shareholders we have engaged with, shareholders who are clear in their desire for EWIT to continue under its current mandate and who firmly oppose Saba's control agenda. We are standing up to protect their Company and uphold their clearly expressed wishes.

It is vital that all shareholders vote at this AGM. The outcome is not predetermined. If shareholders come out in significant numbers, there is a real opportunity to defeat Saba's proposals.

This is a decisive moment for the Company. A strong turnout and decisive vote will provide clarity, restore stability and allow EWIT to move forward with a clear mandate to execute its Path for Growth strategy. This strategy has already delivered strong outperformance since its implementation 18 months ago, and we firmly believe it represents the most compelling route to maximising long-term shareholder value.

We urge every shareholder to make their voice heard. Your vote matters. This is the moment to bring this uncertainty to a close and ensure the Company can focus, without distraction, on delivering for its investors."

For clarity, the Board will not present any further tender proposal before the outcome of the AGM.

(1) NAV total return for EWIT and S&P Global Small Cap Index for the period 31 October 2024 to 17 April 2026 (Source: Refinitiv Workspace).

For further information please contact: 

Investors:

Deutsche Numis

Nathan Brown

Tel: +44 20 7547 0569

Matt Goss

Tel: +44 20 7547 0541

Media:

Greenbrook Advisory

Peter Hewer / Rob White

+44 207 952 2000

ewit@greenbrookadvisory.com 

Company Secretary:

Baillie Gifford & Co Limited

Tel 0131 275 2000

enquiries@bailliegifford.com