Keystone Positive Change (KPC ) is poised to relaunch its plan to make an uncapped return of capital to shareholders after defeating activist Saba Capital.

The £152m Baillie Gifford-run trust said it has ‘re-engaged with a number of major shareholders’ to gain support for a proposal to effectively wind up the portfolio of global companies making a positive social impact.

Under the plan, investors will be offered an uncapped cash exit from the fund, or the chance to roll over into the more liquid Baillie Gifford Positive Change open-ended fund.

In an announcement to the stock exchange, the trust said it was ‘pleased to announce that it has received unanimous indications of support for the resolutions necessary to implement the scheme’.

Karen Brade, chair of Keystone, said: ‘We are pleased to offer the existing scheme in line with the wishes of shareholders as a whole.

‘The scheme offers an uncapped cash exit or a rollover into a fund with a similar strategy. We remain confident that this is in the interest of all shareholders.’

The board will convene a meeting to give shareholders the chance to vote on the plans with the aim of redistributing cash to those shareholders who request it in April.

Keystone first offered to return capital to shareholders in September in response to New York hedge fund Saba’s call for a cash exit before the activist firm, led by Boaz Weinstein, changed its mind.

Saba said not only would it vote against the scheme but also requisitioned a general meeting to oust the board in a bid to install itself as fund manager. It lost the vote on 3 February, clearing the way for Keystone to reinstate the cash return programme.

Brade criticised Saba for shooting down the capital return, which the trust has spent time and money preparing, calling the US investor’s words ‘disingenuous’.

She also said Saba had used the trust’s 2.6% weighting to private companies – which complicates the wind-up process – as an ‘excuse to oppose the scheme’, which could have gone into effect in early February had it been pushed through from the beginning.

Keystone was one of seven trusts requisitioned by Saba just before Christmas. So far investors in six of the seven trusts have voted, with all of them rejecting Saba. Edinburgh Worldwide (EWI ) shareholders are still left to vote.