ISS, Glass Lewis and PIRC advise EWIT shareholders to back tender offer
Independent voting advisory firms ISS, Glass Lewis and PIRC have recommended that investors vote in favour of a tender offer as Edinburgh Worldwide Investment Trust (EWIT) looks to avoid a potential takeover by US activist investor Saba Capital.
Edinburgh Worldwide Inv Trust
27 March 2026 10:44:16
Source: Sharecast
In a statement on Friday, EWIT chair Jonathan Simpson-Dent said he welcomed the recommendation from the advisory firms.
"After exhausting every reasonable and equitable solution with Saba, the tender offer provides shareholders with a fair exit option, timed to pre-empt the high probability of a change of control at next month's AGM," he said.
EWIT announced earlier this month that it was offering shareholders a chance to cash out at close to fair value.
The trust put forward a proposal to implement a tender offer for up to 100% of its share capital to provide eligible shareholders with the opportunity to receive a significant initial cash exit and retain access to the potential future value from EWIT's largest shareholding, SpaceX.
It said this was a "key differentiator" to activist investor and 30% shareholder Saba's recent proposal, which would force shareholders to either give up SpaceX "or become trapped in a Saba-controlled vehicle".
EWIT has been under relentless pressure from New York-based Saba, which has made repeated attempts to oust the board and replace it with three of its own nominees as it highlighted the trust’s underperformance and "flawed" sell-down of SpaceX.