Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the largest shareholder of Edinburgh Worldwide Investment Trust PLC (“EWI” or the “Company”), announced an enhanced liquidity proposal (the “Enhanced Proposal”) that it recommends the new independent Board of Directors (the “Board”), if elected, offer to all EWI shareholders. After listening carefully to shareholder feedback, we believe Saba’s Enhanced Proposal is significantly superior in structure and governance to the Company’s proposed Tender Offer and is in the best interests of all shareholders.

Saba’s Enhanced Proposal is straightforward – if Saba’s nominees are elected, it recommends the new Board offer shareholders three clear options:

• Option 1: Tender immediately and exit at NAV less costs.
• Option 2: Tender following a potential SpaceX IPO or liquidity event – but prior to any potential change in investment mandate – at NAV less costs.
• Option 3: Retain your investment in the Company.

Unlike the current Board’s proposal, which would force tendering shareholders to accept untradeable tracker shares tethered to the SpaceX position, Saba’s Enhanced Proposal would provide shareholders a clean exit, on their own terms, at a time of their own choosing, with no complex instruments and no illiquid securities. We do not believe in creating a self-manufactured urgency designed to push shareholders out the door before they have a chance to evaluate their options.

Saba’s Enhanced Proposal is designed with tax efficiency in mind. For any shareholder carrying embedded gains in EWI, tendering under the current Board’s proposal could unnecessarily crystallise a capital gains tax liability. To do so now, simply because EWI Chairman Jonathan Simpson-Dent has created a sense of urgency around his own removal, would be an own goal.

By tendering under the current Board’s proposal, many shareholders would be paying a real tax bill in cash, forfeiting the opportunity to see the SpaceX position through to a proper liquidity event, and surrendering the chance to evaluate a prospective new manager – all so that the current Board can serve its own interests and point to redemptions as a vindication of its campaign against Saba. In contrast, Saba’s Enhanced Proposal allows shareholders to choose when to tender – before or after the SpaceX event – and allows them to manage any tax consequences on their own terms.

Saba encourages all EWI shareholders to vote AGAINST the current Board’s proposed Tender Offer ahead of the 8 April deadline, and to vote FOR Saba’s three independent nominees – Gabriel Gliksberg, Michael Joseph and Jassen Trenkow – at the upcoming Annual General Meeting.