Baillie Gifford is not accustomed to hot-tempered rebellion. But the calm has been shattered once again. Saba Capital, the New York hedge fund run by the pugnacious Boaz Weinstein, has requisitioned a second general meeting at Edinburgh Worldwide [LON:EWI] in an effort to unseat the entire board.
This is not the first time Weinstein has charged the ramparts. In February, the same resolutions were put to shareholders, and crushed. Yet Saba now owns 30 per cent of the £709 million trust and believes the mood is turning. In a blistering open letter, Weinstein accused the board of “objectively and categorically” failing in its duties. The trust’s poor returns, persistent underperformance and limp share buybacks were, he said, evidence of a board asleep at the wheel.
“We have been profoundly disappointed with the share price performance of the company for some time,” he thundered, reminding directors that they had urged investors last year to “Protect your Trust”. The implication is clear: not enough protection has been forthcoming.
Want the full story? Start a free trial of The Armchair Trader Plus+ today.
Get weekly investment ideas and tips that will take your investing to the next level. Sign up here.
Free 28 day trial. Cancel anytime.
Log In or Sign Up to Armchair Trader+Already a member? Log in here:
Not a member? Sign up now or see the membership benefits
Further content of this article is not available as it is for members only. Please visit the registration page for Armchair Trader Plus+ for further details on the benefits of becoming a member.
