Edinburgh Worldwide Investment Trust plc

Legal Entity Identifier: 213800JUA8RKIDDLH380

Open Letter to Saba

The Board of Edinburgh Worldwide Investment Trust plc confirms that it sent the following open letter to Saba Capital Management, L.P. this morning.

Dear Mr Weinstein,

The Board of Edinburgh Worldwide Investment Trust ("EWIT") is issuing this open letter to request that you provide the Company's shareholders with full transparency and clarity regarding your demand to remove the Company's entire independent Board and replace it with your three US-based directors.

Less than a year ago, you launched a similar campaign seeking to remove the Board and replace it with your own nominees, replace the independent investment manager with Saba, change the investment strategy and pursue a liquidity event. That proposal was overwhelmingly rejected by shareholders who recognised your objectives for what they were - an attempt to take control of the Board in order to pursue your own agenda rather than the long-term interests of EWIT shareholders as a whole.

Twelve months on, you have launched a substantially similar campaign although this time you have stayed silent on your agenda. We can only assume it is the same as before. As you are aware, our Board has sought to engage constructively with you on numerous occasions. We have proposed a number of credible options that would have provided liquidity and choice for all shareholders. You have rejected every proposal.

As shareholders consider the resolutions you have put forward, it is both reasonable and necessary that they do so with full disclosure. Against that background, we believe you owe shareholders clear and direct answers to the following questions.

1. In relation to your three proposed director nominees, please confirm:

·      If any of the nominees have experience serving on the board of a UK-listed investment trust or other UK listed company.

·      The nature of each nominee's past or present relationship with Saba, including whether they have previously been proposed or acted as representatives of Saba in any capacity.

2. Please explain your intended mandate for the Board if your nominees are elected. In particular:

·      Do you intend to change the investment manager (including appointing yourselves)?

·      Do you intend to change the Company's investment strategy?

·      Do you intend to allow shareholders a full exit due to the change in strategy?

·      Can you confirm that you would not increase the Company's management fees?  

On behalf of all shareholders, the Board requests that you provide clear and unambiguous answers to these questions by no later than 5 January so that shareholders may properly assess your proposals and make an informed choice.

Yours sincerely,

Jonathan Simpson-Dent

Chair
Edinburgh Worldwide Investment Trust

For further information please contact: 

Investors:

Deutsche Numis

Nathan Brown

Tel: +44 20 7547 0569

[email protected]

Matt Goss

Tel: +44 20 7547 0541

[email protected]

Media:

Greenbrook Advisory

Rob White / Peter Hewer

+44 207 952 2000

[email protected] 

Company Secretary:

Baillie Gifford & Co Limited

[email protected]

Tel 0131 275 2000