Activist investor and Saba Capital founder Boaz Weinstein is calling for the removal of the entire board at the Edinburgh Worldwide Investment Trust (EWIT)
Saba holds around 30% of shares in the Trust, which is led by Baillie Gifford.
Weinstein released the letter on Thursday, which called for a overhaul of the entire board, after they have “objectively and categorically failed” to meet shareholder expectations.
He also went on to say that the rate of value destruction at the Trust was “unprecedented” value destruction, pointing to EWIT's 30% decline in net asset value over the last five years.
The Trust's current portfolio is made of a international mix of public and private companies focused on innovative technology, including Elon Musk’s SpaceX, which makes up 8.4% of the portfolio.
In response, the current chair of EWIT, Jonathan Simpson-Dent, said they were “disappointed by Saba's open letter”.
“Throughout the last year we have sought to engage with Saba to understand their objectives and to enter into a constructive dialogue regarding options for an equitable and holistic solution, including a return of capital," he wrote in a statement.
“Saba's open letter does not represent the significant progress EWIT has made since this Board reset the Company on a path for growth a year ago,”
