NEW YORK, July 9, 2026 /PRNewswire/ — Workspace’s statement today does not answer the fundamental question facing shareholders.
Whether the Company pursues a reinvestment strategy or a share buyback strategy, it must first sell assets to fund it. Whereas both Workspace and Saba agree that assets must be sold, we disagree fundamentally about what to do with the proceeds.
In its report published yesterday, ISS noted that Workspace’s significant and longstanding discount to NAV “makes it increasingly difficult to justify a capital allocation plan that does not address the discount in a more direct way”. We could not agree more.
The board is asking shareholders to back a strategy that depends on achieving returns eight times higher than the Company has historically delivered. After years of disappointing performance, shareholders are once again being asked to believe that this time will be different.
Our proposal starts from a simpler premise. With Workspace’s shares trading at around a 50% discount to NAV, buying back shares creates immediate and highly certain value for continuing shareholders. Indeed, ISS noted yesterday that Derwent – a company that Workspace considers its peer – is selling property and buying back shares to address its discount. Yet Workspace’s board continues to ask investors to exchange the certainty of buybacks for the promise of future returns that its own track record does not support.
We have never suggested that our proposal is risk free. Executing a larger disposal programme requires discipline and careful sequencing to maximise value while maintaining tenant demand. Likewise, improving efficiency through outsourcing requires careful implementation.
As ISS said in its report, both Workspace’s and Saba’s strategies “carry execution and other risk”. We agree. The question for shareholders is not whether risk exists. It is which strategy offers the better risk-adjusted return.
Workspace claims in its statement today that its board has “adapted to challenging markets and has a clear, disciplined plan”. It also says that its board boasts “historic and detailed knowledge” of the Workspace portfolio and its understanding of the market. Shareholders should ask what that experience has delivered. Over the last five years:
- Total shareholder return of -48%
- The largest discount to NAV in the UK REIT sector
- Occupancy materially below comparable peers
- A share price the board itself now accepts does not reflect the value of the business.
These are not the hallmarks of successful stewardship. They are the consequences of years of poor strategic and capital allocation decisions. Indeed, as ISS said yesterday, the board bears responsibility for its “missteps” under its former CEO.
ISS has recognised the need for board change. It has recommended that shareholders vote against the re-election of two incumbent non-executive directors, Nick Mackenzie and David Stevenson, and instead support Saba’s recommendation to elect Gregory Attwood and Andrew Sim.
Ultimately, the AGM on 23 July is about one simple question. Do shareholders continue backing the same board, the same strategy and the same promises that have produced years of value destruction? Or do they support a disciplined capital allocation strategy that seeks to unlock the value already embedded within Workspace’s portfolio and restore accountability in the boardroom?
AGM voting recommendations
Saba recommends that shareholders vote:
- For resolutions 21, 22, 23, 24, 25, 26
- Against resolutions 5, 8, 9, 10, 11, 12
Voting this way means voting to remove the incumbent non-executive directors – who have overseen years of value destruction and lack meaningful real estate expertise – and replace them with industry experts who are fully independent of Saba and have the necessary skills and experience to unlock value in Workspace.
Media Enquiries
Greenbrook – Rob White / Peter Hewer / James Dean
saba@greenbrookadvisory.com
+44 (0) 207 952 2000
Shareholder Enquiries
DF King – David Chase Lopes
saba@dfkingltd.co.uk
+33 6 72 54 69 79
Website
makeworkspacework.co.uk
About Saba
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.
Disclaimer
This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.
Saba may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.
Forward-Looking Statements
This announcement contains certain forward-looking statements and information that are based on Saba’s beliefs, as well as assumptions made by, and information currently available to, Saba. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Saba’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Saba herein are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Saba or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Saba nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.
Permitted Recipients
In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.
Distribution
Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Saba disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.
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