Sparks - Edinburgh Worldwide Investment Trust

On 10 March 2026, Edinburgh Worldwide Investment Trust’s (EWI’s) board announced a proposed tender offer for up to 100% of the trust’s issued share capital, offering shareholders a significant initial cash exit while retaining access to the potential future value of EWI’s largest holding, SpaceX. This is an important differentiator to Saba’s rival proposal under which shareholders would either surrender their SpaceX exposure or remain invested in a Saba-controlled fund.

The board recommends that shareholders vote in favour of its tender offer, which is structured to provide a fair exit in two stages: an initial c 85% cash payment at close to NAV, funded from the sale of EWI’s liquid assets, followed by a further c 15% cash payment upon a future SpaceX liquidity event, which the board expects may occur within the next 12 months. SpaceX represented 16.6% of EWI’s total assets as at 6 March 2026.

If 100% of eligible shareholders elect to tender, the initial cash return may be scaled back on a pro rata basis. This reflects that c 12.8% of EWI’s total assets (excluding SpaceX) is invested in unlisted companies that cannot be quickly realised or where the return of capital would exceed the trust’s distributable profits. In either scenario, shareholders whose tender is scaled back would retain a tradable holding in EWI.

The board cited Saba’s third activist campaign, launched within weeks of two failed attempts to take control of EWI, as leaving it with no alternative but to pursue a formal exit mechanism, given the prolonged uncertainty, distraction and significant costs Saba’s actions have imposed on the trust. Shareholders do not need to take any action at this stage; a circular detailing the tender offer proposal will be published in due course.