Edinburgh Worldwide (EWI) is urging all shareholders – including those planning to tender their holdings – to vote against Saba Capital’s proposals for a third time at its next annual general meeting, which it today set for 30 April.

The US hedge fund is once again looking to replace the £789m Baillie Gifford trust’s board with its own candidates at the meeting despite the same plan being rejected by 92.7% of non-Saba shareholders in January.

Having fended off the activist’s ‘persistent attacks’ twice already, EWI said it was ‘highly probable’ that Saba will get its way on the third attempt, leading it to introduce a 100% tender offer as a last resort.

The board has been encouraging investors to sell all of their shares at the tender, but said voting at the next meeting marks ‘another critical moment’ for the trust.

Chair Jonathan Simpson-Dent said: ‘Our analysis indicates a real risk that control could pass at this AGM if shareholders do not vote. Failing to vote risks allowing the company to fall under Saba’s control.’

Investors intending to cash in their shares may not think it necessary to vote, but Peel Hunt analyst Anthony Leatham agreed it was important for the current board to oversee the tender for exiting shareholders.

The trust will initially return 85% of shareholder’s capital at close to net asset value (NAV), with the remaining 15% deferred until a ‘crystallisation event’ at its top holding SpaceX. Elon Musk’s rocket company is rumoured to be planning an initial public offering (IPO) in June.

Leatham said: ‘Even if shareholders have taken action to tender their shares, it is important that they make their vote count at this upcoming AGM.

‘If re-elected, the board is to focus on ensuring the orderly implementation of the tender offer and the realisation and delivery of SpaceX proceeds’

Shareholders have until tomorrow to approve the tender offer, which will require a 50% endorsement to go ahead. They then have until next Thursday to cash in their shares.