Workspace Group PLC (LSE:WKP) faces a boardroom challenge from Saba Capital Management after the US hedge fund requisitioned resolutions for the London flexible-office landlord’s 2026 annual meeting.
The FTSE 250 REIT said the requisition, lodged through Vidacos Nominees Limited a/c 2062 on Saba’s behalf, seeks the removal of five current non-executive directors and the appointment of four new non-executive directors.
Saba has interests in approximately 18.21% of Workspace’s issued share capital, according to the company.
Workspace said the requisition follows engagement with Saba after the hedge fund published a letter on 8 January proposing a managed wind-down of the company over 12 months to address the discount to net asset value.
The board said it had considered the proposal and concluded it was “not achievable” and would not maximise value for shareholders, adding that investors should take no action on the requisition for now.
In London, at 340.2p, Workspace shares were down around 3%, having seen as low as 331.4p in the morning's earlier trade.