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Saba steps up Workspace campaign with shareholder letter
(Sharecast News) - Saba Capital stepped up its campaign at Workspace Group on Wednesday, urging shareholders to back its six board nominees and arguing that a more aggressive programme of property disposals and share buybacks would unlock greater value than the company's recently unveiled strategy. The activist investor, which said it owns approximately 24.7% of Workspace, criticised the flexible office provider's new earnings-focused plan, announced alongside annual results on 10 June, claiming it carries significant execution risk and could take years to generate meaningful returns.
Saba instead proposed an accelerated but orderly disposal programme, with proceeds used for share repurchases, alongside operational improvements including outsourced property management and a more targeted refurbishment programme.
Saba said Workspace's shares continue to trade at about a 50% discount to net asset value, which it described as the widest among a group of UK REIT peers.
Partner Paul Kazarian said the current board's track record did not justify "continued stewardship of shareholder capital" and called on shareholders to support Saba's six nominated directors at the forthcoming shareholder vote.
At 0852 BST, shares in Workspace Group were down 0.35% at 345p.
Reporting by Josh White for Sharecast.com.
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