US hedge fund Saba Capital Management has ramped up the pressure on the board of Workspace Group by calling for the removal of the group’s directors.
Earlier this month, Saba issued a requisition notice requesting the removal of five of the company’s six non-executive directors – all other than Manju Malhotra – to be replaced by Nick Shattock, Andrew Sim, Richard Starr and Gregory Attwood.
In a revised requisition notice, the hedge fund, which owns a circa 21.12% stake in the business, has proposed the removal of all six of the company’s non-executive directors, including Malhotra, and the appointment of six new directors in their place – the four individuals proposed by Saba in the initial requisition notice, as well as Gautam Garg and Simon Hampton.
The initial requisition and the revised requisition notice follow the publication of a letter from Saba dated 8 January 2026, which set out a proposal to conduct a managed wind-down of the company over a 12-month period to address the discount to its net asset value.
The board of Workspace Group “concluded 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”. In a statement, the board said it was “carefully reviewing” the revised requisition notice with its advisers.
JP Morgan Cazenove, Rothschild & Co and Stifel are advising Workspace Group.
