Edinburgh Worldwide Investment Trust plc

Legal Entity Identifier: 213800JUA8RKIDDLH380

18 December 2024

Response to requisition of a General Meeting

The Board of Edinburgh Worldwide Investment Trust ("Edinburgh Worldwide" or the "Trust"), together with its advisers, acknowledge the requisition notice (the "Notice of Requisition") received this morning from Saba Capital Management, L.P. ("Saba") (via Barclays Capital Securities Client Nominee Limited) seeking to convene a General Meeting (the "Requisition GM"). The Notice of Requisition requests that, at the Requisition GM, Shareholders of the Company consider and vote on ordinary resolutions to remove the Company's six independent non-executive directors and appoint Paul Kazarian and Jonathan Zucker as directors of the Company.

As announced on 20 November 2024, the Board has undertaken a thorough review of its strategy, performance and processes in conjunction with the Manager and independent advisers and  published a circular to Shareholders setting out measures with a view to setting Edinburgh Worldwide on a path to renewed growth, with a general meeting this afternoon , where all resolutions were passed.

The Board retains a strong conviction in Edinburgh Worldwide's vision and strategy: To identify and access potential outsized returns from a carefully selected and managed portfolio of ground-breaking businesses aiming to transform end markets; a global and broad sectoral reach with a mandate to deploy a quarter of the Trust's capital into exciting private companies. However, to deliver on this, we have worked with manager Baillie Gifford to bring forward changes to the way the Trust is managed and its investment parameters, as well as a potential distribution of up to £130 million to Shareholders.

These changes included:

·      Enhancing the team with Luke Ward and Svetlana Viteva becoming co-managers alongside Douglas Brodie, while improving structure, challenge and support around them;

·      Rebalancing the portfolio with increased focus from fewer holdings and a better balance between sectors and financial maturity profile to improve resilience;

·      Broadening our field of play for game-changing businesses by increasing our upper market capitalisation threshold from USD 5 billion to 25 billion;

·      Tightening execution through improved decision making processes and discipline to adjust more rapidly to changes in market dynamics.

The Board further notes that the discount has narrowed significantly this year and even further since the announcement on November 20 to the point that the share price has recently been trading close to NAV.

Jonathan Simpson Dent, chair of Edinburgh Worldwide, said: "Since taking over as Chair in March, I have worked closely with the Board and the Manager to take decisive action to create a framework for improved future performance of the Trust for the benefit of all our shareholders. As we continue to implement these changes, including the resolutions passed today, I remain committed and excited for the future of Edinburgh Worldwide."  

With respect to the Notice of Requisition, the Board recommends that Shareholders take no action and await further announcement from the Company which will be made in due course.

For further information please contact:

Investors:

Deutsche Numis

Nathan Brown

Tel: +44 20 7260 1426

Matt Goss

Tel: +44 20 7260 1642

Media:

Garfield Advisory

Andrew Garfield

Tel:  07974 982 337

Jason Nisse

Tel: 07769 688 518

Baillie Gifford & Co

Naomi Cherry

Tel 0131 275 2000

END