Jan 9 (Reuters) - U.S. hedge fund Saba Capital

Management said on Thursday it would offer shareholders of UK's

Herald Investment Trust a full cash exit at 99% of their

net asset value, in a bid to win over its shareholders' approval

for a board overhaul.

Saba, founded and run by star activist investor Boaz

Weinstein, said last month it wanted to overhaul the boards of

seven British investment trusts over performances it said ranged

from "underwhelming" to "disastrous".

"Saba would support further changes so this cash exit would

be overseen by a fully independent Board and would not expect it

to occur for at least a year thereafter, ensuring portfolio

value is maximized," the hedge fund said in a statement.

Saba's plans, which include nominating Weinstein to the

board of one fund and one of its lead portfolio managers, Paul

Kazarian, to the other six funds' boards, have faced a lot of

pushback.

The other trusts it is targeting include Baillie Gifford US

Growth Trust, CQS Natural Resources Growth & Income

, Edinburgh Worldwide Investment Trust ( EWIIF ), Keystone

Positive Change, Henderson Opportunities Trust

and European Smaller Companies Trust ( TEUUF ).