The chair of Edinbugh Worldwide investment trust (EWI) questioned US activist hedge fund Saba Capital about its ability to provide liquidity to shareholders and to handle private assets, should it be successful in its attempt to oust the EWI board at the upcoming general meeting in February.
In a letter seen by Investment Week sent to Saba on Tuesday (28 January), EWI's chair, Jonathan Simpson-Dent, explained that he has "specific concerns about the execution risk" of the proposals that have "been broadly applied to all seven investment trusts targeted in this campaign". Liquidity issues In previous communications, Saba said it plans to offer "immediate" liquidity to investors near to net asset value, a claim that Simpson-Dent queried. "A plan of this sort would mean a fundamental departure from the trust's investment policy requiring both shareholder and Financial Co...
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