Edinburgh Investment Trust PLC

EDIN

Activist hedge fund Saba Capital has taken control of the Edinburgh Worldwide Investment Trust (EWIT) after a shareholder vote ousted its chair and five directors. This follows Saba's criticism of EWIT's decision to sell 35% of its SpaceX stake, which they deemed self-serving. Saba's victory has led to a standstill agreement with Herald Investment Trust, where Saba holds a 30% stake. Additionally, Saba Capital is looking to raise $1 billion to invest in the private credit sector, reflecting its strategy of targeting UK investment funds and demanding shareholder engagement.

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Hedge Fund Boss Boaz Weinstein's Saba Capital Takes Control Of U.K. Investment Fund After High-Profile SpaceX Battle

Edinburgh Investment Trust PLC has repurchased 85,000 of its ordinary shares at an average price of 815.57p per share, planning to hold them in treasury. This buyback reduces the number of shares with voting rights, slightly increasing existing investors' ownership. The trust's issued share capital remains at 195,666,734 ordinary shares, with 65,358,709 held in treasury. Spark's analysis rates EDIN as an Outperform, citing solid financial strength and supportive technicals, with reasonable valuation and dividend yield.

Tip Ranks

Edinburgh Investment Trust Buys Back 85,000 Shares for Treasury

Saba Capital, led by Boaz Weinstein, has criticized the board of Edinburgh Worldwide Investment Trust (Ewit) after winning a crucial shareholder vote. The activist fund accused Ewit’s management of being "out of touch" and overseeing five years of poor performance. Saba, which owns about 30% of Ewit shares, successfully rejected the board's tender offer, allowing shareholders to exit at full value. This victory marks a significant step in Saba's ongoing campaign against Ewit, with further votes on board replacement expected soon.

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Saba unleashes fresh tirade on Edinburgh trust after winning shareholder showdown

Edinburgh Investment Trust Buys Back Shares for Treasury

Edinburgh Investment Trust Buys Back Shares for Treasury

SCIN

Edinburgh Investment Trust Buys Back Shares for Treasury, Tightening Free Float

Edinburgh Investment Trust Buys Back Shares for Treasury, Tightening Free Float

Edinburgh Investment Trust Boosts Treasury Stock with New Share Buyback

Edinburgh Investment Trust Boosts Treasury Stock with New Share Buyback

Edinburgh Investment Trust Buys Back Shares for Treasury Holding

Edinburgh Investment Trust Buys Back Shares for Treasury Holding

Edinburgh Worldwide Investment Trust's chair, Jonathan Simpson-Dent, has urged shareholders to support a proposed tender offer to prevent US activist investor Saba Capital from taking control. He stated that all other options have been exhausted and that this offer is the only way to avoid a governance shake-up. The tender allows investors to realize most of their stake, except for the holding in SpaceX, pending a future liquidity event. Simpson-Dent emphasized the urgency of the situation, as Saba's continued actions threaten the trust's direction.

‘We can only hold back the tide for so long’: Edinburgh trust urges investors to back exit plan

Rights & Issues Investment Trust (LON:RIII) shares fell 1% to GBX 2,122.53, with a trading volume increase of 4% from the average. The stock's 50-day and 200-day moving averages are GBX 2,130.96 and GBX 2,086.08, respectively. The company has a market cap of £101.48 million, a PE ratio of 21.42, and reported GBX 49.20 EPS in its last quarterly earnings. Analysts currently rate it as a Hold, but suggest other stocks may be better investments.

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Edinburgh Investment Trust PLC(EDIN.UK)

Hedge Fund Boss Boaz Weinstein's Saba Capital Takes Control Of U.K. Investment Fund After High-Profile SpaceX Battle

Edinburgh Investment Trust Buys Back 85,000 Shares for Treasury

Saba unleashes fresh tirade on Edinburgh trust after winning shareholder showdown

Edinburgh Investment Trust Buys Back Shares for Treasury

Edinburgh Investment Trust Buys Back Shares for Treasury, Tightening Free Float