<div id="readability-page-1">  <p><time datetime="2026-03-10T13:05:24+00:00">    Tuesday 10 March 2026 1:05 pm  </time></p>         <div>                                                                                                                 Add as a preferred        source on Google                        </div>    <figure>    <div>       </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/01/boaz-weinstein-saba.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/01/boaz-weinstein-saba.jpg/query-dz03NDI"/>  <figcaption>Edinburgh Worldwide has put forth a tender offer in its latest battle with Saba</figcaption> </figure> <p>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><p>It is proposing a tender offer for up to 100 per cent of its share capital after the Board said it had “exhausted every reasonable and equitable solution with Saba”.</p><p>It also noted there was “no alternative” 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><p>The board said the retention of Space X is a “key differentiator” to Saba’s recent proposal which would “force shareholders to either give up Space X or become trapped in a Saba-controlled vehicle”.</p><p>Jonathan Simpson-Dent, chair of EWIT, said: “We have reached the end of the road with Saba’s obsession to break the status quo and its continuing disregard for the expressed wishes of other shareholders.</p><p>“This regrettable but necessary step is intended to protect shareholders from being trapped by Saba.”</p><p>The tender offer would see EWIT shareholders receive around 85 per cent of the invested capital in cash at close to net asset value after the trust liquidates its assets.</p><p>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><p>Space X comprises 16.6 per cent of Edinburgh Worldwide’s £782m assets under management.</p><h2 id="h-rejecting-saba-s-proposal">Rejecting Saba’s proposal</h2><p>The latest move in the showdown comes after shareholders twice rejected Saba’s attempts to take control of the company, but the New York hedge fund went on to launch a third campaign.</p><p>The US activist hedge fund, which is EWIT’s largest shareholder and has trained its sights on several struggling trusts in the past year and a half, proposed an overhaul of the trust’s board that would see shareholders appoint three independent directors.</p><p>Boaz Weinstein, Saba founder, wrote at the time: ““A board’s role is to protect investors’ capital, address underperformance and portfolio management missteps, and prioritise value creation.</p><p>“Unfortunately, the current Board has fallen short across these responsibilities.”</p><p>Shareholders were urged to support the tender offer to secure a definitive and fair exit and “bring closure to the uncertainty caused by Saba”, arguing the repeated actions had also imposed significant costs onto the company.</p><p>Simpson-Dent said: “We 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.”</p><h2 id="h-fca-framework-frustration">FCA framework frustration</h2><p>Simpson-Dent also voiced his frustration at the FCA regulatory framework, which allows minority shareholders to “repeatedly attack an investment trust”.</p><p>Richard Stone, chief executive of the Association of Investment Companies, said: “Unless the FCA steps up this could happen again and again and we could see more UK-listed companies disappear.</p><p>“Saba’s attack on Edinburgh Worldwide could result in the disappearance of an investment trust which offers shareholders exposure to dynamic private companies like Space X. </p><p>Dan Coatsworth, head of markets at AJ Bell, noted that there is no guarantee the process will be straightforward for the trust.</p><p>He said: “Edinburgh Worldwide is royally fed up with meddling from activist investor Saba and has now gone for the nuclear option,offering a deal for all shareholders to cash out at close to fair value.</p><p>“This is Edinburgh’s third attempt at fighting off Saba, and there is no guarantee it will go smoothly.”</p> </div>

EDIN

<p>愛丁堡全球投資信託公司提議進行一次要約收購，以結束與薩巴資本長達 16 個月的衝突，旨在為股東提供現金退出的機會，同時保留對 Space X 股份的訪問權。董事會表示，已與薩巴資本耗盡所有合理的解決方案，後者曾多次試圖控制該信託。此次要約收購將允許股東以現金形式獲得其投資資本的約 85%，並根據 Space X 的未來價值獲得額外的 15%。董事會對允許少數股東干擾信託的監管框架表示沮喪</p>

愛丁堡環球試圖通過要約收購來結束與 Saba 的僵局