Saba Capital, the firm’s second-largest shareholder, claims the current board has overseen years of value destruction. The investor is pushing for a systematic sale of property assets, with proceeds earmarked for debt reduction and share buybacks. According to Saba, this approach could yield a 100% return at the current discount to net asset value, contrasting sharply with the new management team's recently announced focus on reinvesting disposal proceeds into property upgrades.
Saba Capital Launches Boardroom Coup at Workspace Group
Saba Capital Management, holding a 24.7% stake in Workspace Group plc, has formally moved to overhaul the company’s board of directors. The activist investor argues that a persistent 50% discount to net asset value necessitates an immediate shift away from management's long-term transformation strategy toward an accelerated property disposal program.
Saba’s partner Paul Kazarian argues that the company’s new strategy, led by CEO Charlie Green and CFO Tom Edwards-Moss, carries excessive execution risk and offers uncertain returns over an extended horizon. To force a change in direction, Saba has nominated six candidates for the board: Greg Attwood, Nick Shattock, Andrew Sim, Richard Starr, Gautam Garg, and Simon Hampton. The firm asserts that these nominees possess the expertise required to implement a more disciplined disposal roadmap, which would involve three tranches of asset sales alongside the outsourcing of property management functions to improve operational efficiency.
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