Edinburgh Worldwide investors urged to vote for a cash exit and to keep access to Space X
Ad Feature by Baillie Gifford
The board of Edinburgh Worldwide Investment Trust (EWIT) is urging investors to vote for a cash exit to end the uncertainty brought about by American hedge fund Saba’s takeover attempts.
EWIT is asking investors to vote in favour of a tender offer for up to 100 per cent of the issued share capital.
It offers shareholders the opportunity to receive a significant initial cash exit and retain access to SpaceX, its largest shareholding, by preserving exposure until a ‘future liquidity event’.
It will also mean their investment in the trust does not end up falling under the control of third party, US hedge fund Saba Capital Management, which holds a large stake.
A general meeting will take place on 10 April 2026, and investors will be required to submit their votes for the offer by 2pm on 8 April, and separately elect to tender their shares by 1pm on 16 April.
Investing platform voting will close earlier, as soon as 30 March, so shareholders will need to check with where they hold investment accounts.
> Visit the Edinburgh Worldwide website to find out more
EWIT says that voting in favour of the tender offer gives investors the option to opt out before Saba can secure control, and it will draw a line in the sand in its battle with the hedge fund.
Jonathan Simpson-Dent, chair of Edinburgh Worldwide, said: ‘If shareholders don’t come out to vote in at least the numbers they did before, the likelihood is that the tender process will not be approved and shareholders will become invested in a company that falls under Saba’s control.
‘This Tender Offer gives shareholders a choice. It gives them freedom to opt out, to take a significant initial cash exit, while importantly retaining exposure to any future upside in the Company's largest investment, SpaceX.’
The board of Edinburgh Worldwidei s urging investors to vote for its 100% tender offer
Why is Edinburgh Worldwide offering a cash exit?
Edinburgh Worldwide is a UK-based investment trust managed by Baillie Gifford that backs disruptive companies with long-term growth potential.
US hedge fund Saba proposed replacing the existing board with new directors in February 2025 with the aim of appointing itself as Edinburgh Worldwide’s manager and shifting the investment strategy.
After investors voted down the proposals, Saba made a second attempt in January 2026, which was again rejected.
Saba has built up stakes in several investment trusts - including increasing its shareholding in EWIT to more than 30 per cent.
The activist investor has made it clear that it wants to appoint a new board and manager to assume control of the trust. EWIT is offering shareholders the option to exit the trust before Saba has the opportunity to do so.
If EWIT’s tender offer is rejected, Simpson-Dent says there is a ‘high probability of a change of control in the coming weeks that would take the Company down a very different path.’
Although shareholders have rejected Saba’s previous two attempts, it is betting on pushing its block vote over the 50 per cent level needed to remove the current non-executive directors.
Simpson-Dent said: ‘Our detailed analysis concludes that Saba is likely to succeed in imposing its new board at the Company’s AGM, which has to be held before the end of April.
‘Saba has a clear desire to assume control of the Company's management in order to pursue its own commercial objectives and to alter the investment mandate away from long-term global technological innovation. Shareholders must ask themselves – is this the future they want for their investment?’
He added: ‘This Tender Offer gives shareholders the opportunity to realise value from their investment before a likely change of control. Otherwise, shareholders are likely to end up in a Saba-controlled vehicle with a different investment mandate.’
> Read the Edinburgh Worldwide RNS announcement on the tender offer
What will the tender offer mean for investors?
EWIT’s offer gives investors the option of a cash exit while retaining exposure to SpaceX ahead of its IPO, which is widely expected this summer.
If shareholders approve the plan, it is likely to bring an end to the 28-year-old trust, as it sells its holdings and returns money to investors.
Shareholders will receive around 85 per cent in cash at close to net asset value after it liquidates assets. They will receive a further 15 per cent based on the realised value of SpaceX.
While Saba has proposed a 100 per cent cash exit offer at 99 per cent net asset value, Simpson-Dent said the hedge fund ‘cannot guarantee the implementation of its proposed cash exit because it has repeatedly claimed that its three nominees are independent and they could therefore reject the proposals.’
> Read the AIC guide to how to vote your shares
Shareholders must turn out to vote
Shareholders must use their vote if they want to give themselves the option of exiting the trust before Saba potentially takes control.
If you’ve bought your position in Edinburgh Worldwide through an investment platform such as Hargreaves Lansdown or Interactive Investor, you will be able to vote through the platform itself.
You will need to speak to your investment platform to find out more.
Otherwise, you should get full details on how to vote for the offer and to sell your shares from Edinburgh Worldwide.
You can visit the Edinburgh Worldwide Investment Trust website to find out more.
