Edinburgh Worldwide turns to Saba Capital proposals after investors reject tender offer (updated)
10/04/2026 18:03
Adds details from EWI statement and background April 10 - Edinburgh Worldwide Investment Trust EWI.L said on Friday its proposed tender offer for up to 100% of its shares was rejected by investors and it would implement alternative offers recommended by Boaz Weinstein's Saba Capital. This move comes more than a week after Saba Capital encouraged Edinburgh shareholders to vote against the board's tender offer. Edinburgh in March announced its plans to propose the tender offer, months after its shareholders rejected Saba Capital's proposals for a board overhaul. The proposed tender offer failed after Saba Capital voted against the plans alongside two other institutions, with 53.8% of total votes cast against the resolution. The trust said it planned to implement the alternative tender offers publicly recommended by Saba Capital. Saba Capital's liquidity proposal recommended that the board offer three options to shareholders: tender immediately at net asset value less costs, tender following a potential SpaceX IPO or retain their investments in the company. "This is a very disappointing outcome, particularly given the continued strength of support from independent shareholders who have consistently rejected Saba's plan for control," EWIT Chair Jonathan Simpson-Dent said in a statement. (Reporting by Sri Hari N S in Bengaluru) ((srihari.ns@thomsonreuters.com))