Saba targets board changes at Workspace after wind-down plan rejected

(Alliance News) - Workspace Group PLC on Friday said investor Saba Capital Management LP is seeking to remove five of its current non-executive directors and appoint four of its own picks as replacements.

The London-based flexible workspace provider said it has received a requisition notice from Saba, which holds an 18% stake in the company, to propose the resolutions at Workspace's next annual general meeting, which is on July 23.

Workspace said it is reviewing the notice, and advised shareholders to take no action at this time.

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.

Workspace added that it has a "clear path to accelerate its strategy to reposition and elevate its offering to deliver sustainable earnings growth and value for all its shareholders".

Last month, Workspace warned of a "substantial step down" in trading profit as it invests to become the "first-choice provider of space".

Workspace blamed lower starting rents, the impact of disposals, higher debt costs, lower capitalised interest and an increase in operating expenses and investment for the shortfall in the financial year to March 2027.

Chief Executive Charlie Green, who joined Workspace in February, said to be the "first-choice provider of space" for the start-up, SME and scale-up market will require investment in the portfolio.

"It will take time to deliver on our ambitions and, as we deliberately reposition the business, there will be a step down in profitability," he added.

Shares in Workspace were down 1.9% at 343.79 pence on Friday morning in London. The stock has fallen 22% over the last 12 months.

By Michael Hennessey, Alliance News reporter

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