Saba thwarts exit plan for Edinburgh Worldwide
The US activist and two others vote down the latest proposal.
13th April 2026 10:23
by Dave Baxter from interactive investor
Boaz Weinstein, founder of Saba Capital, pictured in New York. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images.
Saba Capital and two other professional investors have thwarted plans for Edinburgh Worldwide Ord (LSE:EWI) to carry out a tender offer with a degree of “uplift” linked to its SpaceX position.
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The trust announced late on Friday afternoon that its proposed tender offer, which would have given investors an exit while allowing them to retain some exposure to potential future SpaceX gains, had not passed a shareholder vote.
Some 36.8% of the issued share capital of the trust voted against the tender, which almost entirely represented Saba, alongside “two other institutions”. That means 53.8% of the votes cast were against the proposal.
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The trust’s chair, Jonathan Simpson-Dent, warned that there was a “high likelihood” of Saba succeeding in overthrowing the current board and appointing its favoured names at the trust’s annual general meeting (AGM) on 30 April.
The trust is now looking to implement alternative tender offers, one shortly after the AGM and one after a potential SpaceX flotation or liquidity event, noting that Saba had recently said that it would recommend these options.
But the US activist gave short shrift to that idea this morning.
Saba said it remained confident in the idea of such tenders but added that it “would be irresponsible for the board to waste shareholders’ time and money pursuing another tender offer before the AGM”, and that it would not back such plans.
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