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 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".