UK Investors Face Deadline in Edinburgh Worldwide Showdown
With Saba Capital's significant stake and the high level of opposition from non-Saba investors, the vote is expected to be closely contested, and the outcome will depend on the level of participation from small investors, who hold the key to determining the future of Edinburgh Worldwide.
Edinburgh Worldwide shareholders are urged to cast their votes quickly to determine the fate of the trust's board, as Saba Capital's final attempt to oust the current directors is set for February 14th, marking a crucial turning point in the US hedge fund's takeover campaign.
The outcome of the vote will largely depend on the participation of small investors, who collectively hold around 50% of the stakes in Edinburgh Worldwide. In contrast, Saba Capital, led by Boaz Weinstein, has a 21% stake in the trust. The hedge fund has been trying to replace the trust's directors with its own nominees, but its previous attempts have been met with significant opposition from non-Saba investors, with 98% voting against their proposals.
The impending vote is considered the final hurdle in Saba's attempted takeover campaign, and the outcome will have significant implications for the future of Edinburgh Worldwide. The trust's current board has been resisting Saba's attempts to gain control, and the vote will ultimately determine whether they will be successful in their efforts.
As the deadline for voting approaches, all eyes are on the UK investment community, waiting to see how the shareholders will decide the fate of Edinburgh Worldwide's board. The outcome of the vote will be closely watched, and its implications will be felt throughout the UK financial sector.
