Overview
- Saba Capital says it owns about 24.7% of Workspace and has formally requisitioned a vote to replace the company’s incumbent non‑executive directors with six nominees to change board oversight.
- The firm argues Workspace’s shares trade at roughly a 50% discount to net asset value and that closing that gap is the central reason it has launched the campaign.
- Saba’s Value Creation Strategy calls for three tranches of disposals—an initial 21 priority noncore assets, a second phase of 19 assets, and a final 16‑asset opportunity list—funding targeted share buybacks.
- The group contrasts its faster disposal‑and‑repurchase approach with Workspace’s recently announced management plan to reinvest disposal proceeds to upgrade properties, which Saba says will take years and carries execution risk.
- The dispute will play out through shareholder engagement and a proxy vote, and could change how Workspace allocates capital, how properties are managed, and how returns are delivered to ordinary shareholders.