Saba Pushes for Changes at Edinburgh Worldwide Investment Trust After Tender Offer Fails

Activist hedge fund Saba Capital Management seeks to nominate new directors and implement its own liquidity proposal after shareholders reject EWIT's tender offer.

Apr. 13, 2026 at 9:12am

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An extreme close-up of gears, levers, and other heavy industrial banking equipment, conveying the tangible, institutional power dynamics at the heart of this activist investor battle without using literal financial symbols or text.An activist hedge fund's battle for control of an investment trust exposes the complex financial machinery underlying public market disputes.NYC Today

Activist hedge fund Saba Capital Management LP has noted that shareholders of Edinburgh Worldwide Investment Trust PLC (EWIT) rejected the investment firm's tender offer, which Saba called 'deeply flawed.' As a result, EWIT said it will now implement alternative tender offers proposed by Saba, which the hedge fund claims will provide better tax management for investors. Saba has also nominated three new directors to EWIT's board, which shareholders will vote on at the upcoming annual general meeting.

Why it matters

The ongoing tussle between Saba and EWIT's board highlights the tensions that can arise when an activist investor seeks to exert influence over a publicly traded investment trust. Saba's actions have deprived other EWIT shareholders of an opportunity to exit their investment at close to net asset value, according to the Association of Investment Companies. The outcome could set a precedent for how investment trusts handle activist campaigns and shareholder proposals in the future.

The details

Saba, which holds a majority stake of around 30% in EWIT, proposed three options for shareholders: tender their shares immediately and exit at net asset value less costs, tender following a potential SpaceX initial public offering or liquidity event, or retain their EWIT holdings. EWIT's board had put forth its own tender offer, which it said was intended for shareholders to realize value 'while retaining exposure to SpaceX.' However, 53.8% of votes cast were against the board's proposal.

  • On April 13, 2026, Saba noted that EWIT shareholders had rejected the investment firm's tender offer.
  • On April 30, 2026, EWIT shareholders will vote on the election of Saba's three nominated directors to the company's board.

The players

Saba Capital Management LP

An activist hedge fund that holds a majority stake of around 30% in Edinburgh Worldwide Investment Trust PLC.

Edinburgh Worldwide Investment Trust PLC (EWIT)

An investment trust based in Edinburgh, Scotland that has been the target of Saba's activist campaign.

Jonathon Simpson-Dent

The chair of EWIT's board, who has argued that Saba is trying to take control of the company.

Gabriel Gliksberg

The founder of ATG Capital Management, one of the three Saba-nominated directors proposed for EWIT's board.

Jassen Trenkow

A former staffer of Barclays PLC and Goldman Sachs Group Inc., one of the three Saba-nominated directors proposed for EWIT's board.

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What they’re saying

“Saba's vote against the board's exit tender proposal has deprived other shareholders of an opportunity to exit their investment at close to net asset value while retaining the potential future value from SpaceX.”

— Richard Stone, Chief Executive, Association of Investment Companies

“The new directors put forth by Saba for election at the upcoming AGM possess the investment management and board experience necessary to administer [Saba's] proposal, which would offer shareholders greater optionality, more effective management of any tax consequences and the ability to see the SpaceX position through to IPO.”

— Saba Capital Management LP

What’s next

EWIT shareholders will vote on the election of Saba's three nominated directors to the company's board at the annual general meeting on April 30, 2026.

The takeaway

The ongoing battle between Saba and EWIT's board highlights the challenges investment trusts can face when dealing with activist investors seeking to exert influence. The outcome could set a precedent for how similar situations are handled in the future, with potential implications for shareholder rights and the governance of publicly traded investment vehicles.