Saba steps up Workspace overhaul push 

US hedge fund, Saba Capital, has intensified its efforts to reshape the leadership of flexible office operator, Workspace. This overhaul push comes just months after articulated pressure for Workspace to undergo an orderly break-up on account of growing valuation concerns. Here’s everything you need to know…

Workspace revealed it had received a requisition notice from Saba, which is seeking shareholder backing for a sweeping boardroom reshuffle at July’s Annual General Meeting. The proposals could see five non-executive directors ousted and four new appointees installed. The US investor is one of Workspace’s largest shareholders, holding a stake of just over 18% in the company.

Workspace reported that it had continued discussions with Saba earlier in 2026, after the activist investor outlined plans to narrow the company’s valuation gap. The consultation included a proposal to oversee a wind-down of the business over the course of a year.

"The board has engaged constructively with Saba Capital following the publication of its letter of 8 January 2020, which set out a proposal to address the discount to net asset value by means of a managed wind-down of the company over a 12-month period," Workspace said.

"Following that engagement, and having properly considered Saba Capital's proposal, the board concluded, and notified Saba Capital, that the proposal is not achievable, nor will it maximise value for shareholders, and so is not in the best interests of the company and its shareholders as a whole. Nevertheless, the board remains open to continuing a constructive dialogue with Saba Capital."

Last month, Charlie Green, Workspace’s recently appointed CEO, told shareholders that there is “considerable work” ahead for the company. Green said: “It will take time to deliver on our ambitions and, as we deliberately reposition the business, there will be a step down in profitability. There is considerable work to be done and we can see a clear path to accelerating our strategy and, in time, delivering sustainable earnings growth.”

Today, the company announced: "As set out by the company's new chief executive officer, Charlie Green, in the business update on 17 April 2026, Workspace has a high-quality portfolio and operates in a market with continued long-term structural demand. The company 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.”

The matter now moves to Workspace’s AGM, where shareholders will have the final say on the proposed board changes. The vote is set to shape the company’s next chapter.

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