Jan 7 (Reuters) - Boaz Weinstein's Saba Capital, the top shareholder of Edinburgh Worldwide Investment Trust, on Wednesday renewed its call for investors to elect a new, independent board after a "
Saba Capital Pushes for Board Changes at Edinburgh Worldwide
Jan 7 (Reuters) - Boaz Weinstein's Saba Capital, the top shareholder of Edinburgh Worldwide Investment Trust, on Wednesday renewed its call for investors to elect a new, independent board after a "suspiciously timed" sell-down of the trust's SpaceX stake.
U.S. activist investor Saba said Edinburgh Worldwide's reduction of holding in the Elon Musk-owned company by about 35% in October was to facilitate a merger with Baillie Gifford US Growth Trust, which cut its own SpaceX stake by roughly 49% the same month.
Saba pushed for board changes at Edinburgh Worldwide last week, prompting the trust to demand "clear and unambiguous answers" on the hedge fund's proposals by January 5.
On Wednesday, Saba pressed for transparency on the timing, valuation, and rationale of the stake sale before a January 20 vote on the proposed merger and the future composition of the board.
Edinburgh Worldwide and Baillie Gifford US Growth Trust did not immediately respond to Reuters' requests for comment.
Saba in December blocked a proposed merger of two other London-listed Baillie Gifford-managed investment trusts, in the latest tussle between Weinstein's hedge fund and the firm's pooled vehicles.
(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich)
