Receipt of requisition notice – 2026 AGM
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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 OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR IMMEDIATE RELEASE.
8 May 2026
Receipt of requisition notice in respect of the
2026 Annual General Meeting
The Board of Workspace Group PLC (the "Board" and the "Company" respectively) acknowledges receipt of a requisition notice (the "Requisition") pursuant to section 338 of the Companies Act 2006 requesting the circulation of ordinary resolutions to be considered on a poll at the Company's next Annual General Meeting, which is scheduled to be held on 23 July 2026 (the "AGM").
The Requisition sets out ordinary resolutions to be proposed at the AGM in relation to the removal of five of the current Non-Executive Directors, and the appointment of four new Non-Executive Directors.
The Requisition has been made by Vidacos Nominees Limited a/c 2062, acting as nominee and on behalf of Saba Capital Management L.P. ("Saba Capital"), a US hedge fund, which has interests in approximately 18.21 per cent of the Company's issued share capital.
The Board has engaged constructively with Saba Capital following the publication of its letter of 8 January 2026, which set out a proposal to address the discount to net asset value by means of a managed wind-down of the Company over a 12-month period. Following that engagement, and having properly considered Saba Capital's proposal, the Board concluded, and notified Saba Capital, that the proposal is not achievable, nor will it maximise value for shareholders, and so is not in the best interests of the Company and its shareholders as a whole. Nevertheless, the Board remains open to continuing a constructive dialogue with Saba Capital.
As set out by the Company's new Chief Executive Officer, Charlie Green, in the business update on 17 April 2026, Workspace has a high-quality portfolio and operates in a market with continued long-term structural demand. The Company has a clear path to accelerate its strategy to reposition and elevate its offering to deliver sustainable earnings growth and value for all its shareholders. The Board firmly believes in the strength of the Company's existing strategy and further detail will be provided at its Full Year Results on 10 June 2026.
The Board, together with its advisers, is carefully reviewing the Requisition. Shareholders are advised to take no action in respect of the Requisition at this time.
Further announcements will be made if and when appropriate.
J.P. Morgan Cazenove, Rothschild & Co and Stifel are advising the Company.
- ENDS -
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For further information, please contact:
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Workspace Group PLC |
020 7138 3300 |
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Charlie Green, Chief Executive Officer |
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Paul Hewlett, Director of Strategy & Corporate Development Clare Marland, Head of Corporate Communications
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FGS Global |
020 7251 3801 |
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Chris Ryall |
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Guy Lamming |
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The person responsible for arranging release of this announcement is Carmelina Carfora, Company Secretary.
Notes to Editors
About Workspace Group PLC:
Workspace is London's leading owner and operator of flexible workspace, currently managing 3.8 million sq. ft. of sustainable space at 57 locations in London and the South East.
We are home to some 4,000 of London's fastest growing and established brands from a diverse range of sectors. Our purpose, to give businesses the freedom to grow, is based on the belief that in the right space, teams can achieve more. That in environments they tailor themselves, free from constraint and compromise, teams are best able to collaborate, build their culture and realise their potential.
We have a unique combination of a highly effective and scalable operating platform, a portfolio of distinctive properties, and an ownership model that allows us to offer true flexibility. We provide customers with space to create a home for their business, alongside leases that give them the freedom to easily scale up and down within our well-connected, extensive portfolio.
We are inherently sustainable - we invest across the capital, breathing new life into old buildings and creating hubs of economic activity that help flatten London's working map. We work closely with our local communities to ensure we make a positive and lasting environmental and social impact, creating value over the long term.
Workspace was established in 1987, has been listed on the London Stock Exchange since 1993, is a FTSE 250 listed Real Estate Investment Trust (REIT) and a member of the European Public Real Estate Association (EPRA).
Workspace® is a registered trademark of Workspace Group PLC, London, UK.
LEI: 2138003GUZRFIN3UT430
For more information on Workspace, visit www.workspace.co.uk
Further details relating to the Requisition:
The Requisition was received from Vidacos Nominees Limited a/c 2062 ("Vidacos"). Vidacos acts as the nominee company of Citibank N.A., London Branch (the "Custodian") pursuant to the instructions of its client, Jefferies LLC, a prime broker acting on behalf of its underlying customers. Jefferies LLC has confirmed to the Custodian that its underlying customer, Saba Capital, is the beneficial owner of at least 5% of the total voting rights of the Company, which rights are held in custody by the Custodian for Jefferies LLC on behalf of its customer, Saba Capital.
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