Saba seeks removal of all six of Workspace's non-executive directors

(Alliance News) - Workspace Group PLC on Friday said it has received a revised requisition notice from Saba Capital Management LP, which calls for the removal of all six of its non-executive directors.

Earlier this month, the London-based flexible workspace provider received a requisition notice from Saba, which holds an 18% stake in the company, which sought a vote to remove five of its current non-executive directors and appoint four of its own picks as replacements.

Saba would propose the resolutions at Workspace's next annual general meeting, which is on July 23.

On Friday, Workspace received a revised notice, as Saba is now seeking the removal of all six of its non-executive directors, including Manju Malhotra, and the appointment of six new directors.

The new directors proposed by Saba are the four initially proposed, plus Gautam Garg and Simon Hampton.

Workspace noted that in January, Saba proposed a managed wind-down. The firm said it "engaged constructively" with Saba, but concluded that the proposal was neither achievable nor likely to maximise value for shareholders.

"Nevertheless, the board remains open to continuing a constructive dialogue with Saba Capital," Workspace said after the initial requisition.

On Friday, Workspace said it is "carefully reviewing" the revised requisition, and advised that shareholders take no action at this time.

Workspace shares were up 0.4% at 338.40 pence on Friday morning in London.

By Michael Hennessey, Alliance News reporter

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