NEW YORK, July 7, 2026 /PRNewswire/ -- Saba Capital Management, L.P. ("Saba") welcomes the high level of engagement and debate that its proposal for Workspace Group plc ("Workspace" or the "Company") has generated among shareholders, analysts and the media.
Few would dispute that Workspace has failed its investors. Over the past five years, the Company has delivered a total shareholder return, including dividends, of -48%, materially underperforming comparable UK REITs[1]. Its shares continue to trade at the widest discount to net asset value (NAV) in the sector.
The question is therefore not whether change is required. It is which strategy offers shareholders the greatest certainty of restoring value.
Management has presented its own turnaround strategy, including its latest presentation on 1 July 2026. We recognise the work that has gone into that plan. However, it asks shareholders to support a risky long-term reinvestment programme that management believes can generate returns eight times higher than the Company has historically delivered. Given the Company's long record of value destruction, together with our own detailed analysis, we have little confidence that this strategy can be delivered successfully.
We continue to believe that the right path forward is a disciplined capital allocation strategy centred on substantial share repurchases, funded through a more ambitious programme of strategic property disposals.
Since publishing our proposal on 17 June, we have held extensive discussions with shareholders, analysts and other stakeholders. Those conversations were constructive and some raised practical questions around implementation. These are exactly the questions that shareholders should be asking of our proposal and of management's reinvestment plan.
We set out below the answers to a number of questions. We encourage shareholders to read these answers in conjunction with our updated presentation, which can be found at www.makeworkspacework.co.uk.
1. Saba's proposal for property sales looks attractive in theory, but how would you actually deliver it?
We have developed a detailed execution plan with leading real estate advisers with extensive UK market expertise. We have also spoken confidentially with a number of Workspace tenants to help validate key assumptions underpinning our proposed tenant relocation strategy.
The plan is based on selective disposals across the portfolio in geographic clusters and the simultaneous relocation of displaced tenants into nearby Workspace buildings.