Edinburgh Worldwide Investment Trust is locked in a high-stakes fight over control of its SpaceX holdings, with £782mn in assets and a $1.75tn valuation at the heart of the dispute. The trust's board, led by Jonathan Simpson-Dent, launched a tender offer to wind up the fund, aiming to sell its SpaceX stake before the upcoming IPO. This move directly challenges Boaz Weinstein's Saba Capital, which holds a 30 per cent stake and has twice tried to oust the board. The core conflict revolves around the $1.75tn SpaceX valuation versus Saba's proposed $800bn cap, with the trust arguing the board's plan offers better value to shareholders. However, Saba's significant voting power creates a major hurdle, as a simple majority vote could block the tender offer, potentially trapping investors in the SpaceX shares indefinitely.

Simpson-Dent accuses Weinstein of aggressive tactics and has sought FCA intervention, though the regulator's interim director indicated it wouldn't pick sides. The board's strategy involves declaring force majeure to bypass the 75 per cent special resolution requirement, using a simpler majority vote instead. Critics warn this could allow Weinstein's nominees, if appointed, to reverse the SpaceX sale later. The tender offer includes a long-stop date of December 31, 2027, giving Weinstein ample time to stall. Meanwhile, EWIT's risk factors hint at potential US regulatory scrutiny due to Saba's proposed board nominees based in Florida and Texas, raising questions about the trust's Scottish domicile.

Investors face a stark choice: accept the trust's plan for an early cash return on most assets, or risk indefinite holding of SpaceX shares with uncertain future value. The outcome hinges on the 63.8 per cent rejection of Weinstein's prior board removal attempt and the upcoming shareholder vote on April 8th. EWIT's Simpson-Dent is actively campaigning, promising a phone-in for investors this Friday, where the key question may be whether EWIT is already "snookered".