Key Takeaways
- • Saba Capital has escalated its activist campaign against Workspace Group by calling for the removal of all six non-executive directors, including chairman Duncan Owen, through a revised requisition notice filed on May 22, 2026.
- • The US hedge fund, led by activist investor Boaz Weinstein, has increased its stake in the London-based office REIT from 13.5% in January to 18.2% as of the latest filing, strengthening its position to influence board composition.
- • Saba's revised proposal seeks to replace all non-executive directors at the company's upcoming annual general meeting, advancing beyond its earlier demand for the removal of five non-executives.
- • The hedge fund has previously called for a comprehensive asset wind-down strategy, with plans to sell all Workspace assets within 12 months, positioning the board overhaul as essential to executing this strategic pivot.
Summary
Saba Capital has significantly escalated its boardroom battle with Workspace Group, a UK-listed office REIT, by filing a revised requisition notice on May 22, 2026, that calls for the removal of all six non-executive directors. This marks a hardening of the activist investor's position, moving beyond earlier demands for the removal of five non-executives to now target the entire non-executive cohort, including chairman Duncan Owen.
The US hedge fund, managed by activist investor Boaz Weinstein, has substantially reinforced its leverage in this campaign by increasing its shareholding from 13.5% in January 2026 to 18.2% currently. This enhanced stake position strengthens Saba's ability to mobilize shareholder support for its board replacement agenda at the company's forthcoming annual general meeting.
Saba's boardroom demands are tied to a broader strategic vision for Workspace. The hedge fund has previously outlined a comprehensive asset wind-down plan requiring the sale of all company properties within a 12-month timeframe. The activist investor views the replacement of the current non-executive board with directors aligned to this strategy as a prerequisite for executing such a significant operational transformation.
The battle reflects a fundamental disagreement over Workspace's strategic direction and value optimization. While specifics of Workspace's defense against these demands remain limited in available reporting, the company has previously rejected Saba's wind-down proposal, indicating the board views the activist's strategy as misaligned with long-term shareholder value creation.
This campaign represents a critical moment for Workspace stakeholders, with the outcome likely to determine whether the company pursues a restructuring and asset liquidation strategy or maintains its current operational model. The voting outcome at the upcoming AGM will be closely watched by institutional investors assessing the effectiveness of activist pressure in the UK real estate sector.
The US hedge fund, managed by activist investor Boaz Weinstein, has substantially reinforced its leverage in this campaign by increasing its shareholding from 13.5% in January 2026 to 18.2% currently. This enhanced stake position strengthens Saba's ability to mobilize shareholder support for its board replacement agenda at the company's forthcoming annual general meeting.
Saba's boardroom demands are tied to a broader strategic vision for Workspace. The hedge fund has previously outlined a comprehensive asset wind-down plan requiring the sale of all company properties within a 12-month timeframe. The activist investor views the replacement of the current non-executive board with directors aligned to this strategy as a prerequisite for executing such a significant operational transformation.
The battle reflects a fundamental disagreement over Workspace's strategic direction and value optimization. While specifics of Workspace's defense against these demands remain limited in available reporting, the company has previously rejected Saba's wind-down proposal, indicating the board views the activist's strategy as misaligned with long-term shareholder value creation.
This campaign represents a critical moment for Workspace stakeholders, with the outcome likely to determine whether the company pursues a restructuring and asset liquidation strategy or maintains its current operational model. The voting outcome at the upcoming AGM will be closely watched by institutional investors assessing the effectiveness of activist pressure in the UK real estate sector.
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