Herald offers traders a manner out in Saba battle with Boaz Weinstein

A London-listed trust under siege from US hedge fund raider Boaz Weinstein has unveiled plans to allow investors to cash out and avoid being trapped if bosses are voted out.

Herald Investment Trust, which focuses on tech businesses, said it would offer investors the chance to sell all their shares at close to its net asset value (NAV).

The trust’s NAV, calculated on Thursday, stood at nearly 2,778p per share, higher than its closing stock price of 2,640p yesterday.

The decision comes as Herald’s board finds itself in a battle against Weinstein’s firm Saba Capital, the trust’s largest shareholder with a 30.7 per cent stake.

On the attack: US hedge fund raider Boaz Weinstein has his sights set on Herald Investment Trust

Last year, Weinstein attempted to oust the board but was defeated after opposition from other shareholders.

Herald’s chairman Andrew Joy said the offer would require Saba’s approval to go ahead.

If the US hedge fund refused, he said the trust would deploy a ‘backstop tender offer’, which would allow shareholders who did not want to stay in the fund if Saba was likely to take over the trust a chance to cash out.