Saba Capital Demands Board Shake-up at Workspace Group

Saba Capital, which holds a 24.7% stake in the firm, argues that Workspace has suffered from years of value destruction and inconsistent strategy. The investor contends that the company’s recent shift toward an "earnings-focused" transformation under new CEO Charlie Green and CFO Tom Edwards-Moss introduces unnecessary execution risks and an overly long investment horizon. Instead, Saba advocates for an accelerated disposal of property assets to fund share buybacks, a move they claim would unlock immediate value for shareholders.

To enforce this shift in direction, Saba has requisitioned a vote to replace incumbent non-executive directors with six nominees, including Greg Attwood, Nick Shattock, Andrew Sim, Richard Starr, Gautam Garg, and Simon Hampton. The activist firm asserts that these candidates possess the necessary expertise in real estate and capital allocation to rectify the current valuation gap. While the existing board has previously characterized Saba’s disposal proposals as a "fire sale," the investment firm maintains that an orderly, three-tranche sell-off of non-core assets remains the most efficient path to closing the gap between the company’s share price and its underlying property portfolio.