Edinburgh
Worldwide Investment Trust plc
Legal
Entity Identifier: 213800JUA8RKIDDLH380
18
December 2024
Response to requisition of a
General Meeting
The Board of Edinburgh Worldwide
Investment Trust ("Edinburgh
Worldwide" or the "Trust"), together with its advisers,
acknowledge the requisition notice (the "Notice of Requisition") received this
morning from Saba Capital Management, L.P. ("Saba") (via Barclays Capital Securities
Client Nominee Limited) seeking to convene a General Meeting (the
"Requisition GM"). The
Notice of Requisition requests that, at the Requisition GM,
Shareholders of the Company consider and vote on ordinary
resolutions to remove the Company's six independent non-executive
directors and appoint Paul Kazarian and Jonathan Zucker as
directors of the Company.
As announced on 20 November 2024,
the Board has undertaken a thorough review of its strategy,
performance and processes in conjunction with the Manager and
independent advisers and published a circular to Shareholders
setting out measures with a view to setting Edinburgh Worldwide on
a path to renewed growth, with a general meeting this afternoon ,
where all resolutions were passed.
The Board retains a strong
conviction in Edinburgh Worldwide's vision and strategy: To
identify and access potential outsized returns from a carefully
selected and managed portfolio of ground-breaking businesses aiming
to transform end markets; a global and broad sectoral reach with a
mandate to deploy a quarter of the Trust's capital into exciting
private companies. However, to deliver on this, we have worked with
manager Baillie Gifford to bring forward changes to the way the Trust is managed and its investment
parameters, as well as a potential distribution of up to £130
million to Shareholders.
These changes included:
· Enhancing the
team with Luke Ward and Svetlana
Viteva becoming co-managers alongside Douglas Brodie, while
improving structure, challenge and support around them;
· Rebalancing the
portfolio with increased focus from
fewer holdings and a better balance between sectors and financial
maturity profile to improve resilience;
· Broadening our field of play
for game-changing businesses by
increasing our upper market capitalisation threshold from USD 5
billion to 25 billion;
· Tightening
execution through improved decision
making processes and discipline to adjust more rapidly to changes
in market dynamics.
The Board further notes that the
discount has narrowed significantly this year and even further
since the announcement on November 20 to the point that the share
price has recently been trading close to NAV.
Jonathan Simpson Dent, chair of
Edinburgh Worldwide, said: "Since taking over as Chair in March, I
have worked closely with the Board and the Manager to take decisive
action to create a framework for improved future performance of the
Trust for the benefit of all our shareholders. As we continue to
implement these changes, including the resolutions passed today, I
remain committed and excited for the future of Edinburgh
Worldwide."
With respect to the Notice of Requisition, the Board
recommends that Shareholders take no action and await further
announcement from the Company which will be made in due
course.
For further information please
contact:
Investors:
Deutsche Numis
Nathan Brown
Tel: +44 20 7260 1426
Matt Goss
Tel: +44 20 7260 1642
Media:
Garfield Advisory
Andrew Garfield
Tel: 07974 982 337
Jason Nisse
Tel: 07769 688 518
Baillie Gifford & Co
Naomi Cherry
Tel 0131 275 2000
END
