UK investment trust Edinburgh offers exits if board prevails over activist investor
24/04/2026 20:52
April 24 (Reuters) - Edinburgh Worldwide Investment Trust EWI.L said on Friday it will provide shareholders with exit opportunities if they vote against an activist investor's attempt to take control of the board at the annual general meeting on April 30. The board said it would propose a tender offer for 50% of the trust's issued share capital at net asset value as soon as practicable after the AGM, provided shareholders reject Saba Capital Management's third attempt to replace the board. The development follows a prolonged dispute with U.S.-based hedge fund Saba, which has sought to change EWIT's board and direction. The UK-listed investment trust also said it would propose a second tender offer, expected to be for up to 100% of its share capital, following any initial public offering of SpaceX, a key holding for the trust. Elon Musk's SpaceX is targeting a late-June market IPO with a $75 billion capital raising. Earlier this month, EWIT said its proposed tender offer for up to 100% of its shares was rejected by investors after Saba Capital asked shareholders to vote against the board's offer. "If shareholders wish to avoid being pushed under Saba-control, they are strongly encouraged to vote for the board and vote against the Saba-nominated directors at the upcoming AGM," EWIT chair Jonathan Simpson-Dent said in a statement. "A clear vote against Saba will reaffirm support for the company's strategy, while still providing those seeking liquidity with a full exit opportunity after the AGM," Simpson-Dent added. (Reporting by Preetika Parashuraman in Bengaluru; Editing by Vijay Kishore) ((Preetika.Parashuraman@thomsonreuters.com;))