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Edinburgh Worldwide wins support of proxy advisors ahead of 'critical' AGM vote
(Sharecast News) - Edinburgh Worldwide Investment Trust announced on Monday that it has won the support of proxy advisors ISS, Glass Lewis and PIRC in their ongoing battle with its largest shareholder, activist hedge fund Saba Management. All three independent advisors have recommended that EWIT shareholders vote in favour of the re-election of all five independent directors and vote against Saba's proposals to appoint three of its own representatives, as the 30% stakeholder attempts to take control of the EWIT business and alter its investment strategy.
The announcement comes just 10 days before the Edinburgh-based investment firm's annual general meeting.
"We welcome the recommendation of ISS, Glass Lewis and PIRC who all advise that shareholders vote in favour of the board's resolutions and against the resolutions tabled by Saba," said EWIT's chair Jonathan Simpson-Dent.
He said it was "critical" for all shareholders to turn out and vote on this "decisive moment" for the future of the firm on 30 April.
"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," Simpson-Dent said.
Saba's attempt to overhaul the company stems from claims the board mismanaged its investment in SpaceX, by selling down a large portion of its stake last October, just months before a revaluation of the aerospace company where its value roughly doubled.
In a separate statement, EWIT said that, should shareholders vote in favour of the board's resolutions, repeated attempts by Saba to undermine orderly governance will be "strongly resisted".
The company added: "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."
EWIT shares were down 1.3% at 235.00p by 1005 BST.
See the latest RNS on Investegate.
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