Saba seeks to replace all six Workspace non-exec directors

(Sharecast News) - Workspace Group said on Friday that Saba Capital had submitted a revised requisition notice seeking to replace all six of the company's non-executive directors at its 2026 annual general meeting.

The FTSE 250 flexible workspace provider said it received the revised notice on 20 May under section 338 of the Companies Act 2006, requesting the circulation of ordinary resolutions at its AGM, scheduled for 23 July.

Workspace had previously acknowledged an initial requisition from Saba on 8 May.

That proposal sought the removal of five non-executive directors, excluding Manju Malhotra, and the appointment of four Saba-backed directors: Nick Shattock, Andrew Sim, Richard Starr and Gregory Attwood.

The revised requisition now proposed the removal of all six non-executive directors, including Malhotra, and the appointment of six new directors.

The additional proposed directors are Gautam Garg and Simon Hampton.

Workspace said the requisition had been made by Vidacos Nominees Limited, acting as nominee and on behalf of Saba Capital, which has interests in about 21.12% of the company's issued share capital.

The company said the requisitions followed a letter from Saba dated 8 January, which proposed a managed wind-down of Workspace over 12 months to address the discount to its net asset value.

Workspace said its board had concluded that Saba's proposal was not achievable, would not maximise value for shareholders, and was not in the best interests of the company and its shareholders as a whole.

The board said it continued to believe firmly in the strength of Workspace's existing strategy, with further detail to be provided alongside the company's full-year results on 10 June.

Workspace said it was carefully reviewing the revised requisition with its advisers and told shareholders to take no action at this stage.

At 1030 BST, shares in Workspace Group were down 0.59% at 335p.

Reporting by Josh White for Sharecast.com.

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