Activist hedge fund firm Saba Capital has effectively won its long-running campaign to take control of the board of Edinburgh Worldwide Investment Trust, following a dramatic shift in shareholder voting dynamics ahead of the company’s AGM.

An update released by the trust ahead of the meeting today, 30 April, indicated that there would be insufficient support for the reappointment of its incumbent directors, while resolutions to install three Saba-nominated candidates were expected to pass. Final results are due to be confirmed following independent verification, but the outcome now appears largely determined.

Subject to confirmation, the existing board — including chair Jonathan Simpson-Dent — will step down at the conclusion of the AGM, to be replaced by Gabriel Gliksberg, Jassen Trenkow and Michael Joseph, all nominated by the US activist hedge fund.

The anticipated result marks a turning point in a high-profile battle that Saba had previously lost twice, but ultimately won on a third attempt as shareholder composition and sentiment shifted.

According to the trust, the decisive change in outcome has been driven in large part by a “material reduction” in ownership among retail and private wealth investors. Many of these shareholders — who had previously backed the board in earlier votes — have exited their positions in recent months as Saba’s influence grew.

Simpson-Dent described the outcome as “a disappointing day for our long-standing shareholders,” arguing that investors risk losing exposure to the trust’s next-generation technology strategy, including its much-discussed stake in SpaceX.

The Association of Investment Companies (AIC) has also responded critically to the developments, highlighting concerns about governance and shareholder rights.

Saba has yet to comment on the outcome of the vote.