UK Trust Endorses SpaceX Proposal Amid Boaz Weinstein's Strategic Investment

Edinburgh Worldwide Investment Trust Backs Tender Offers Supported by Saba Capital Management

Edinburgh Worldwide Investment Trust, a London-listed trust, has announced that it is backing tender offers supported by activist investor Boaz Weinstein's Saba Capital Management. This decision comes after the trust lost a key shareholder vote, where the board's own proposal did not garner enough support.

The board's proposal, which was voted down, would have allowed shareholders to receive about 85% of their holdings in cash, while the balance would be deferred until a future liquidity event at Elon Musk's SpaceX. In contrast, the tender offers supported by Saba Capital Management will give shareholders the chance to exit at net asset value minus costs in the coming weeks or after a potential SpaceX listing.

| Proposal | Board's Proposal | Saba Capital Management's Tender Offers | | --- | --- | --- | | Exit Option | Receive 85% of holdings in cash, defer balance until future liquidity event | Exit at net asset value minus costs in coming weeks or after potential SpaceX listing |

Boaz Weinstein, a veteran derivatives trader, has been waging a high-profile battle to take control of seven UK trusts trading at a discount since December 2024. Although his attempts failed, some of the targeted trusts have made structural changes that Saba sought anyway.

In the case of Edinburgh Worldwide, 36.8% of the issued share capital, consisting almost entirely of holdings from Saba and two other institutions, voted against the board's tender offer. The board said that 53.8% of the total votes cast opposed its proposal.

Shareholders will vote on April 30 on whether to replace the trust's board with candidates proposed by Saba. If the hedge fund firm wins, it is widely expected that Saba will become the vehicle's manager. Edinburgh Worldwide Chairman Jonathan Simpson-Dent stated, "This is a very disappointing outcome. There remains a high likelihood of Saba succeeding in appointing its proposed new board. Faced with this reality, the board's priority is to ensure shareholders can still exercise their right to a meaningful choice."