Edinburgh Worldwide Investment Trust PLC on Monday asked shareholders to vote against motions proposed by Saba Capital Management LP, which criticised ‘underwhelming’ performance at seven London-listed trusts last month.

The Edinburgh, Scotland-based fund confirmed it has received a valid requisition notice from Saba, which it described as a ‘backdoor attempt to seize control of the trust’.

The new requisition notice replaces Saba’s earlier request for a shareholder vote, which did not comply with the Companies Act 2006.

Edinburgh Worldwide Chair Jonathan Dent said: ‘Edinburgh Worldwide is an exciting and unique investment trust that offers unparalleled access to emerging companies, operating at the frontiers of science and technology. All this is threatened by Saba Capital.

‘We will urge all of our investors to protect their investment, to protect their trust - and to vote to stop Saba.’

Last month, Saba called on investors of seven investment trusts to oust current management after ‘underwhelming’ shareholder returns.

‘We believe that the current boards have failed to hold the investment managers accountable, which is why we want to offer you the opportunity to elect new directors with a concrete plan to deliver shareholder value,’ Saba said in a letter to shareholders.

The other six trusts called out were Baillie Gifford US Growth Trust PLC, CQS Natural Resources Growth & Income PLC, Keystone Positive Change Investment Trust PLC, European Smaller Cos Trust PLC, Henderson Opportunities Trust PLC, and Herald Investment Trust PLC.

Edinburgh Worldwide said it will convene a general meeting and will share timings and details in due course.

Edinburgh Worldwide shares were down 0.2% to 198.15 pence in London on Monday morning.

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