Proposed board appointments to support portfolio realisations
SEIT has proposed the appointment of Boaz Weinstein and Richard Pavry as non-executive
directors following requests from its two largest investors, Saba Capital Management
and General Atlantic SD (Bermuda), respectively. Weinstein is Saba’s founder and chief
investment officer. Both proposed directors would be classified as non-independent.
The proposals follow shareholder approval of SEIT’s wind-down investment objective
and policy on 10 July 2026, supported by 98.12% of votes cast. The company’s objective,
and the board’s priority, is to realise all portfolio assets in an orderly manner,
balancing the prompt return of cash with maximising value for shareholders.
Nominations from the two largest investors
Saba approached the board to request a director nomination following the initiation
of the wind-down. After considering the request and consulting certain larger shareholders,
the board decided to put the proposal to a shareholder vote. General Atlantic requested
its own nominee during that consultation.
As at 23 September, Saba had notified SEIT of an aggregate interest of c 27.8% in
the company’s voting rights, comprising c 7.88% through a direct interest in shares
and c 19.92% through financial instruments. General Atlantic held c 16% of issued
share capital as at 31 August.
The board considers that collaboration with shareholders will support an orderly,
timely and value-maximising wind-down, a view shared by Saba and General Atlantic.
Given the range of potential outcomes, it believes there is merit in both investors
having the opportunity to nominate a director. The board expects their representation
to bring alignment with the broader shareholder base and additional perspectives to
its oversight of portfolio realisations.
Participation in disposals and governance safeguards
Subject to governance, conflict and confidentiality arrangements, the proposed directors
would participate in reviewing and approving asset disposal proposals. Arrangements
will be put in place to manage current or future conflicts arising from their relationships
with their nominating shareholders and to safeguard confidential disposal information.
These may require either director to recuse themselves from relevant board meetings.
Neither Weinstein nor Pavry would receive a director’s fee or reimbursement of expenses.
Subject to the safeguards and applicable market abuse requirements, the board expects
that they may share certain information received as directors with their nominating
shareholders. The board will continue to engage with all shareholders and act in their
collective interests when considering disposals and other decisions.
General meeting and voting support
The appointments will be considered at a general meeting at 2pm on 15 October 2026
at One Great Cumberland Place, London, W1H 7AL. Two separate ordinary resolutions
will propose the appointments of Weinstein and Pavry, respectively, each with immediate
effect upon approval. Neither resolution is conditional on the other.
The board unanimously recommends both appointments as being in the interests of shareholders
as a whole. Saba and General Atlantic have also confirmed that they will vote their
respective beneficial shareholdings in favour of both resolutions.
