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Glass Lewis recommends EWIT shareholders vote against Saba resolutions
(Sharecast News) - Edinburgh Worldwide Investment Trust said on Friday that independent voting adviser Glass Lewis has recommended that shareholders vote against all of Saba Capital Management's resolutions at the general meeting on 20 January. US activist investor Saba, which owns just under 30% of EWIT, has called for the trust to oust its entire board - six directors - and replace them with three of its own US-based nominees.
Chair Jonathan Simpson-Dent said: "We are pleased to note the conclusions of Glass Lewis and ISS who both recommend that shareholders vote against all of Saba's resolutions. We are also pleased to see Legal & General come out to publicly support the board and its intention to vote against all of Saba's proposals."
Simpson-Dent will be hosting a Q&A later on Friday to give shareholders the chance to ask any questions they may have about Saba's proposed resolutions.
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