Thanks, QP. I'll try and get my whole 6k shares voted! |
The following official user-friendly Edinburgh Worldwide website offers guidance and timelines on voting and for various brokers.
There is a section on AJ BELL:-
hXXps://www.trustewit.com/vote-now/
Hope this assists.
ALL IMO> DYOR.
QP |
Is there a record date for the Saba vote on Friday? I didn't receive anything from AJ Bell and they're usually pretty good at corporate actions. It's possible that I bought in too late to qualify... |
Six of the seven Investments Trusts under attack from Saba have now voted and rejected in every case the Proposals put forward by Saba.
If shareholders in six Trusts have already rejected Saba's proposals, it demonstrates clearly how negatively shareholders in general feel about Saba's proposals.
The one remaining Trust under attack from opportunistic Saba is Edinburgh Worldwide which goes to the vote next week on 14th February.
I have voted against all of Saba's proposals in every case - including here.
ALL IMO. DYOR.
QP |
You'll also get a chance to vote against the Saba proposal now |
I like the mix of investments here so have dipped a toe into this one and USA, although they are rather near their highs. Makes a change from my usual high dividend UK financials. Also picked up a small position in JUSC.
I see you are in a few of these too, QuePassa... |
one can but wonder to oneself what would happen if the 33 million shares held in Treasury were reinstated and found a supportive new home.
all imo. dyor.
qp |
Date: 24th January 2025
Time: 1:00 PM
Format: Online Webinar
Saba Capital, a US hedge fund, has recently called for general meetings at seven investment trusts:
Baillie Gifford US Growth Trust (USA), Edinburgh Worldwide (EWI), Keystone Positive Change (KPC), Henderson Opportunities Trust (HOT), European Smaller Companies Trust (ESCT), CQS Natural Resources Growth & Income (CYN), Herald Investment Trust (HRI).
Unless other shareholders vote at these general meetings, Saba’s resolutions will pass, enabling Saba to take control of these trusts.
In this webinar, an expert panel, including Ros Altmann, James Carthew, and Richard Stone, will explore the implications of these developments, focusing on the broader issues surrounding shareholder democracy. Additionally, there will be a concise presentation on how shareholders, particularly those holding shares via brokers or platforms, can ensure their voting rights are effectively exercised.
Learn more and register here: |
Psi Quantum has now been revalued to £60.9 million as at 31/12/24.
Here are latest top holdings to 31/12/24 with two unlisted holdings in first and second position
SpaceX 12.3%
PsiQuantum 7.5%
Alnylam Pharma 4.7%
Zillow 3.7%
Axon 3.6% |
www.citywire.com/wealth-manager/news/saba-eyes-activist-fund-launch-in-campaign-against-seven-trusts/a2456759? |
Edinburgh Worldwide owns a 5.6% portfolio holding in unlisted Psi Quantum as at 30/11/24 (valued at £44.2m)
Seven months prior as at 30/4/24 , the holding in Psi Quantum was valued at £36.1m.
However, in view of the recent meteoric rise in value of other listed/quoted comparator Pure-Play quantum computing stocks, one can but wonder to oneself whether the value of Psi Quantum is up with events when other quoted quantum computing stocks have skyrocketed.
For example:-
D-Wave Quantum Inc is UP 923% over one year and UP 267% over one month
Rigetti Computing Inc is UP 1,525% over one year and UP 675% over one month
IONQ is UP 575% over six months and UP 48.5% over one month
ALL IMO. DYOR.
QP |
Thanks.
See Post 88!
Please check in more frequently as it is a quiet thread and an interesting time when EWI is being attacked by Saba.
I will repeat post 88 again for ease of reference.
Please note that Rigetti went up another 30% yesterday -so percentage rises may now be updating/increasing. |
QP an interesting post by you on the SMT thread re PSi Quantum. Worth reposting here. Not a greatly used thread but have a small holding in EWI |
Thank you.
All the best for 2025. |
HNY Quepassa |
With Saba Capital beating the door down, one can but hope that this could be construed as a trigger event where the complete unlisted portfolio is revalued at year end December 2024, rather than waiting for the regular revaluation cycles.
Let's hope EWI revalue the whole unlisted portfolio now.
Either way, the January Monthly Fact Sheet will be eagerly awaited.
ALL IMO. DYOR.
QP |
Edinburgh Worldwide owns a 5.6% portfolio holding in unlisted Psi Quantum as at 30/11/24 (valued at £44.2m)
Seven months prior as at 30/4/24 , the holding in Psi Quantum was valued at £36.1m.
However, in view of the recent meteoric rise in value of other listed/quoted comparator Pure-Play quantum computing stocks, one can but wonder to oneself whether the value of Psi Quantum is up with events when other quoted quantum computing stocks have skyrocketed.
For example:-
D-Wave Quantum Inc is UP 923% over one year and UP 267% over one month
Rigetti Computing Inc is UP 1,525% over one year and UP 675% over one month
IONQ is UP 575% over six months and UP 48.5% over one month
ALL IMO. DYOR.
QP |
Pref shares ok. So 4mill x $185 =145.61 GBP $740million |
Assume around 86million x $185= $15billion. Make it make sense? |
Thanks. So at the $350 billion valuation. How much are these worth??? SpaceX Class A 3,190,457SpaceX Class C 984,441SpaceX Series J Pref 22,445,089SpaceX Series K Pref 10,231,841SpaceX Series N Pref 49,480,061 |
 1.
Astonished that person at BG said they could not reveal how many SpaceX shares held by EWI.
That is public knowledge which they already reveal in their full portfolio valuations.
As at 31/10/24, EWI had the following SpaceX positions/number of shares:-
SpaceX Class A 3,190,457
SpaceX Class C 984,441
SpaceX Series J Pref 22,445,089
SpaceX Series K Pref 10,231,841
SpaceX Series N Pref 49,480,061
2. The value of the overall SpaceX holding is easy to calculate
As at 30/11/24, , the overall Fund value of EWI was £788.81 million
Spacex was 8.4% of the fund which means the Spacex holding was valued at £66.26 million at the end of last month - two weeks ago.
3.
My guess is that the SpaceX holding has not yet been revalued to reflect the most recent likeley uplift in the value of Spacex at the new Tender Price - perhaps because it has not yet been formally confirmed that the deal has gone ahead despite highly reliable rumours.
4.
You will need to make assumptions about the different prices of common stock compared to pref shares.
However, if I were a betting man my guess is that EWI's Spacex holding as a whole is still valued at the summer Company valuation of $210 billion derived from actual shares sales at that time but that the latest mooted revaluation to $350 billion is still awaiting confirmation until ink has dried.
ALL IMO. DYOR.
QP |
Re impact of SpaceX price rise: I contacted the investor relations team at EWI who were very responsive but not able to help. I was told the number of shares held cannot be disclosed due to the NDA with SpaceX. I then asked what the share prices were for the last valuation which would enable that to be backed out. This was also confidential. Seems odd to me.
If we use the hxxps://notice.co/c/spacex for the space X price it suggests that the NAV per share from the 30 April update (97) rising to the current 188 would have increased from 160.7 to 177.7 on an everything-else-being-equal basis. The current NAV is shown as 192.5. So from this my instinct is that Ballie Gifford have updated the NAV calc to reflect the latest share price. The report suggests that unquoted stocks are revalued on a 3 month cycle unless there is material news. This also supports the idea that SpaceX' s ascent has been reflected in their NAV as the increase has been material. |
Think Space X now valued at $350bn. BG not communicating well re valuation uplift - slipped in as an afterthought on the latest NAV announcement for BG US Growth |
Cant find any information except 12% in space X and Saba Capital putting pressure on other IT they have bought into. Having been running at a discount for so long there must be something on?? |
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