US hedge fund raider Boaz Weinstein 'must come clean' on London trust plans
American hedge fund raider Boaz Weinstein has been urged to come clean about his plans for a London-listed investment trust as he wages a battle for its control.Earlier this month, Weinstein’s firm Saba Capital called for a shareholder vote to sack the entire board of the £746million Edinburgh Worldwide Investment Trust (EWIT) and replace them with its own pick of directors.The vote, scheduled for January 20, is the second attempt the fund manager has made to oust the trust’s board after a previous attempt earlier this year was rejected – with 63.8 per cent of shareholders opposing the proposals.In an open letter published yesterday, EWIT’s chairman Jonathan Simpson-Dent called for ‘full transparency and clarity’ from Weinstein on his plans for the trust should he succeed in his latest bid to remove the board.Simpson-Dent wrote: ‘Our board has sought to engage constructively with you. We have proposed a number of credible options that would have provided liquidity and choice for all shareholders. You have rejected every proposal.’He called on Weinstein, whose fund owns about 30 per cent of EWIT, to explain whether he planned to change the trust’s investment strategy, replace its current fund manager Baillie Gifford, or raise fees ‘so that shareholders may properly assess your proposals and make an informed choice’. Questions: US hedge fund raider Boaz Weinstein is attempting to oust the board of the £744m Edinburgh Worldwide Investment TrustDIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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US hedge fund raider Boaz Weinstein 'must come clean' on London trust plans
