- AJ Bell customers came out in force to vote on Saba’s proposals for Edinburgh Worldwide Investment Trust
- Votes were cast online using AJ Bell’s easy to use process, with 56% of votes exercised among AJ Bell’s DIY customers
- This isn’t the last substantive vote we’ll see for investment trust shareholders this year
Laith Khalaf, head of investment analysis at AJ Bell, comments:
“Retail shareholders shrugged off the torpor of January to step up and cast their votes on Saba’s proposals for Edinburgh Worldwide Investment Trust. 56% of the shares held by DIY investors on AJ Bell’s platform were voted in this latest ballot on the trust’s future. For some perspective, 52.8% of eligible adults cast a vote in the 2024 general election, according to IPPR estimates.
“Professional investors consider, discuss and vote their shares within the confines of their normal working hours, whereas retail investors have to find time outside of their day job to keep informed and cast their votes. So it’s pretty astonishing to see so many putting their mouth where their money is.
“These voting figures demonstrate that shareholder democracy is alive and well. When important matters are on the line, ordinary investors are ready and willing to come out and vote. Whether they hold their shares in a SIPP, ISA or general investment account, AJ Bell has made it straightforward for customers to have their say. Shareholders can cast their votes online with just a few clicks of a mouse.
“The result of the Edinburgh Worldwide Investment Trust vote was announced yesterday, and none of the proposals put forward by Saba were passed.
“This won’t be the last time this year shareholders are invited to vote on substantive issues affecting their investment trusts. Saba and other activists hold stakes in a swathe of UK investment trusts, and persistent discounts in some trusts still provide scope for profitable engagement, as detailed by our inaugural investment trust report.
“It’s now over a year since Saba really ramped up its activist agenda, but UK investment trust shareholders show no signs of fatigue when it comes to making their voices heard.”
