Stake Increase and Activist Campaign
Saba Capital Management filed a disclosure on Tuesday indicating that its ownership in Workspace Group plc (LON:WKP) has risen to 29.1%, up from 28.2%. The filing shows that the investor’s stake has more than doubled since January, when it held 13.5% of the company.
Board Challenge and Strategic Critique
In June, Saba moved to replace Workspace’s non‑executive directors, arguing that the company trades at roughly a 50% discount to net asset value—a gap the activist attributes to years of poor performance and misguided strategic choices. Saba also presented a disposal plan covering 56 properties as part of its remedial proposal.
Company Response and AGM Position
Workspace Group responded by urging shareholders to vote against Saba’s proposals at the annual general meeting scheduled for later this month. The board described Saba’s plan as "high‑risk, short‑sighted and not suitable for the company".
Existing Transformation Strategy
Separately, Workspace disclosed in the prior month a "transformation to an earnings‑focused business" strategy. The plan intends to channel proceeds from asset sales into upgrading properties, increasing rental income, and creating long‑term value for shareholders.
Market Context
The activist’s increased stake and board‑room challenge occur against the backdrop of Workspace’s ongoing effort to reposition its portfolio and improve earnings, highlighting a clash between shareholder activism and management’s own strategic roadmap.