Shareholders in a Baillie Gifford closed-end investment fund have rejected plans by activist investor Boaz Weinstein’s hedge fund Saba Capital to oust the board.
At a general meeting on Tuesday requisitioned by Saba, 53.2% of votes cast rejected the plan to cull six Edinburgh Worldwide Investment Trust directors and replace them with three Saba-backed candidates. Overall, 92.7% of all the EWIT shares, excluding those held by Saba, voted against the proposals.
The decision marks a second defeat for Saba Capital in its long-running and at times bitter campaign against the board of Edinburgh Worldwide
, a U.K. fund which invests in cutting-edge public and private technology companies.
The New York-based $6 billion hedge fund firm, which has raised its holding of EWIT’s shares from 25% to 30%, first attempted to shake up EWIT’s board in February last year, but ultimately failed to win investor support.
