What is Saba Capital's goal regarding Edinburgh Worldwide Investment Trust?

Saba Capital aims to oust the current board of Edinburgh Worldwide Investment Trust and replace them with its own nominees.

Why is Saba Capital upset with Edinburgh Worldwide's board?

Saba Capital criticizes the board for selling its stake in SpaceX at a price they deem too low and without shareholder consultation.

Who supports Edinburgh Worldwide's current board against Saba Capital?

Legal & General and shareholder advisory group ISS are supporting Edinburgh Worldwide's current board and recommending a vote against Saba's proposals.

Home / Business and Economy / SpaceX Sale Sparks Fierce Fight Over Edinburgh Trust

SpaceX Sale Sparks Fierce Fight Over Edinburgh Trust

8 Jan

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Summary

Saba Capital seeks to oust Edinburgh Worldwide's board.
The trust sold its SpaceX stake below current market value.
Legal & General and ISS support Edinburgh Worldwide's board.

SpaceX Sale Sparks Fierce Fight Over Edinburgh Trust

Investment trust Edinburgh Worldwide is embroiled in a public dispute with US hedge fund Saba Capital, which holds a significant 30% stake. Saba Capital is attempting to gain control of the trust by proposing to replace its current board with its own nominees at a shareholder meeting scheduled for January 20. This is Saba's second attempt, following a previous defeat in February. Edinburgh Worldwide accuses Saba of misleading shareholders and acting aggressively to seize control.

The core of the conflict centers on Edinburgh Worldwide's recent decision to sell down its stake in Elon Musk's SpaceX. Saba Capital's chief, Boaz Weinstein, has heavily criticized this sale, describing SpaceX as the 'crown jewel' and asserting it was sold at a price 'far below' its current value without shareholder consultation. Edinburgh Worldwide refutes these claims, stating Saba's allegations contain inaccurate information.