![\"Boaz](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/boaz-weinstein-saba.jpg\")
\t\tEdinburgh Worldwide has put forth a tender offer in its latest battle with Saba\t<\/p>\n\t\t\tTuesday 10 March 2026 1:05 pm\n\t\t\t<\/p>\n
\t\tEdinburgh Worldwide has put forth a tender offer in its latest battle with Saba\t<\/p>\n
The board of Edinburgh Worldwide Investment Trust has offered shareholders an exit plan in its bid to bring an end to its 16-month battle with Saba Capital.<\/p>\n
It is proposing a tender offer for up to 100 per cent of its share capital after the Board said it had \u201cexhausted every reasonable and equitable solution with Saba\u201d.<\/p>\n
It also noted there was \u201cno alternative\u201d but to propose a tender offer, which would enable shareholders to receive a significant cash exit and also retain access to Edinburgh Worldwide Investment Trust (EWIT) shareholding of Space X.<\/p>\n
The board said the retention of Space X is a \u201ckey differentiator\u201d to Saba\u2019s recent proposal which would \u201cforce shareholders to either give up Space X or become trapped in a Saba-controlled vehicle\u201d.<\/p>\n
Jonathan Simpson-Dent, chair of EWIT, said: \u201cWe have reached the end of the road with Saba\u2019s obsession to break the status quo and its continuing disregard for the expressed wishes of other shareholders.<\/p>\n
\u201cThis regrettable but necessary step is intended to protect shareholders from being trapped by Saba.\u201d<\/p>\n
The tender offer would see EWIT shareholders<\/a> receive around 85 per cent of the invested capital in cash at close to net asset value after the trust liquidates its assets.<\/p>\n They would then receive a further 15 per cent based on the realised value of Space X, once crystallised, with the board anticipating such an event potentially within the next 12 months.<\/p>\n Space X comprises 16.6 per cent of Edinburgh Worldwide\u2019s \u00a3782m assets under management.<\/p>\n Rejecting Saba\u2019s proposal<\/p>\n The latest move in the showdown comes after shareholders twice rejected<\/a> Saba\u2019s attempts to take control of the company, but the New York hedge fund went on to launch a third campaign.<\/p>\n The US activist hedge fund, which is EWIT\u2019s largest shareholder and has trained its sights on several struggling trusts in the past year and a half, proposed an overhaul of the trust\u2019s board that would see shareholders appoint three independent directors.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tAmerican hedge fund relaunches campaign against Scottish investment trust<\/a><\/p>\n Boaz Weinstein, Saba founder, wrote at the time: \u201c\u201cA board\u2019s role is to protect investors\u2019 capital, address underperformance and portfolio management missteps, and prioritise value creation.<\/p>\n \u201cUnfortunately, the current Board has fallen short across these responsibilities.\u201d<\/p>\n Shareholders were urged to support the tender offer <\/a>to secure a definitive and fair exit and \u201cbring closure to the uncertainty caused by Saba\u201d, arguing the repeated actions had also imposed significant costs onto the company.<\/p>\n Simpson-Dent said: \u201cWe cannot allow the company to remain caught in a cycle of disruption driven by a minority shareholder whose objectives and commercial self-interest are fundamentally misaligned with those of the wider shareholder base.\u201d<\/p>\n FCA framework frustration<\/p>\n