US hedge fund Saba Capital Management has issued a requisition notice to the board of Workspace Group requesting the removal of five of the company’s current non-executive directors.
The hedge fund, which owns a circa 18.21% stake in the business, wants its proposal to remove the existing non-execs and the appointment of four new non-executive directors, to be considered at the company’s annual general meeting on 23 July 2026.
The board of Workspace Group said it “has engaged constructively” with Saba Capital following the publication of a letter in January this year, which set out the hedge fund’s proposal to address the group’s discount to net asset value by means of a managed wind-down of the business over a 12-month period.
In a statement, the board of Workspace Group said: “Following that engagement, and having properly considered Saba Capital’s proposal, the board concluded, and notified Saba Capital, that the proposal is not achievable, nor will it maximise value for shareholders, and so is not in the best interests of the company and its shareholders as a whole. Nevertheless, the board remains open to continuing a constructive dialogue with Saba Capital.”
It added: “As set out by the company’s new chief executive officer, Charlie Green, in the business update on 17 April 2026, Workspace has a high quality portfolio and operates in a market with continued long-term structural demand. The company has a clear path to accelerate its strategy to reposition and elevate its offering to deliver sustainable earnings growth and value for all its shareholders. The board firmly believes in the strength of the company’s existing strategy and further detail will be provided at its full year results on 10 June 2026.”
JP Morgan Cazenove, Rothschild & Co and Stifel are advising Workspace Group.
