(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 the 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".