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Workspace Group (WKP): Saba Capital Management, L.P. campaign

This situation live

WKP Workspace Group

£677m · 330.8p · −18% since the first step
430.0p 319.4p Now 330.8p · 23 Oct −2% +9% −18% +4% −2% +4% +4% −1% Aug ’25SepOctNovDecJan ’26FebMarAprMayJunJulAugSepOct
31 Oct 2025 · 10.0203% · −2% until the next step Saba Capital Management, L.P.: 10.0203% (from 5.24758%)
10 Nov 2025 · 11.1853% · −10% until the next step Saba Capital Management, L.P.: 11.1853% (from 10.0203%)
21 Nov 2025 · 12.0921% · +5% until the next step Saba Capital Management, L.P.: 12.0921% (from 11.1853%)
18 Dec 2025 · 13.1638% · +9% until the next step Saba Capital Management, L.P.: 13.1638% (from 12.0921%)
23 Feb 2026 · 14.2634% · −18% until the next step Saba Capital Management, L.P.: 14.2634% (from 13.1638%)
26 Mar 2026 · 15.338% · +4% until the next step Saba Capital Management, L.P.: 15.338% (from 14.2634%)
7 Apr 2026 · 16.0981% · −4% until the next step Saba Capital Management, L.P.: 16.0981% (from 15.338%)
24 Apr 2026 · 17.2378% · −2% until the next step Saba Capital Management, L.P.: 17.2378% (from 16.0981%)
5 May 2026 · 18.2069% · +3% until the next step Saba Capital Management, L.P.: 18.2069% (from 17.2378%)
8 May 2026 · campaign · −2% until the next step The Board concluded 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.
11 May 2026 · 20.3763% · −2% until the next step Saba Capital Management, L.P.: 20.3763% (from 19.9882%)
11 May 2026 · 19.9882% · −2% until the next step Saba Capital Management, L.P.: 19.9882% (from 18.2069%)
14 May 2026 · 21.1199% · +1% until the next step Saba Capital Management, L.P.: 21.1199% (from 20.3763%)
22 May 2026 · campaign · +4% until the next step The Revised Requisition proposes the removal of all six of the Company's Non-Executive Directors and the appointment of six new directors in their place.
1 Jun 2026 · 22.0671% · −1% until the next step Saba Capital Management, L.P.: 22.0671% (from 21.1199%)
15 Jun 2026 · 23.7752% · +1% until the next step Saba Capital Management, L.P.: 23.7752% (from 22.0671%)
16 Jun 2026 · 24.8152% · +1% until the next step Saba Capital Management, L.P.: 24.8152% (from 23.7752%)
17 Jun 2026 · 24.6663% · +0% until the next step Saba Capital Management, L.P.: 24.6663% (from 24.8152%)
18 Jun 2026 · campaign · −5% until the next step The Board firmly believes in the strength of the Company's strategy, as announced alongside its Full Year Results on 10 June 2026, to maximise long-term sustainable value for all shareholders.
22 Jun 2026 · 26.5509% · +4% until the next step Saba Capital Management, L.P.: 26.5509% (from 25.2814%)
22 Jun 2026 · 25.2814% · +4% until the next step Saba Capital Management, L.P.: 25.2814% (from 24.8152%)
26 Jun 2026 · 27.0818% · +1% until the next step Saba Capital Management, L.P.: 27.0818% (from 26.5509%)
1 Jul 2026 · campaign · −5% until the next step the Board remains confident in the strength of the Company's repositioning strategy, as announced alongside its Full Year Results on 10 June 2026
6 Jul 2026 · 28.2076% · +1% until the next step Saba Capital Management, L.P.: 28.2076% (from 27.0818%)
9 Jul 2026 · campaign · +3% until the next step Saba's plan is high-risk, short-sighted and NOT suitable for Workspace.
14 Jul 2026 · 29.1146% · +6% until the next step Saba Capital Management, L.P.: 29.1146% (from 28.2076%)
28 Sep 2026 · 29.7302% · −1% until the next step Saba Capital Management, L.P.: 29.7302% (from 29.1146%)
1 Oct 2026 · 29.7302% · +0% until the next step Saba Capital Management, L.P.: 29.7302% (from 29.7302%)
5 Oct 2026 · 29.7302% · −1% until the next step Saba Capital Management, L.P.: 29.7302% (from 29.7302%)
9 Oct 2026 · vote · −6% since Saba Capital Management, L.P.: 29.7302% (from 29.7302%)
Activist campaign
Saba Capital Management, L.P. campaign
vote
ActivistSaba Capital Management, L.P.
Stake29.7302%
Wantsboard seat(s)
Boardengaging
General meeting2026-07-23

As of 9 Oct 2026 ↗

Since Oct 2023: 135 situations of this kind – went quiet 79%, activist sold out 19%, settled with the board 2%; median share price +4% six months after they opened

JUL23 Next: AGM vote on Saba resolutions 21-26
Every step · 30
  1. 31 Oct 2025 10.0203% – Saba Capital Management, L.P.: 10.0203% (from 5.24758%) ↗
  2. 10 Nov 2025 11.1853% – Saba Capital Management, L.P.: 11.1853% (from 10.0203%) ↗
  3. 21 Nov 2025 12.0921% – Saba Capital Management, L.P.: 12.0921% (from 11.1853%) ↗
  4. 18 Dec 2025 13.1638% – Saba Capital Management, L.P.: 13.1638% (from 12.0921%) ↗
  5. 23 Feb 2026 14.2634% – Saba Capital Management, L.P.: 14.2634% (from 13.1638%) ↗
  6. 26 Mar 2026 15.338% – Saba Capital Management, L.P.: 15.338% (from 14.2634%) ↗
  7. 7 Apr 2026 16.0981% – Saba Capital Management, L.P.: 16.0981% (from 15.338%) ↗
  8. 24 Apr 2026 17.2378% – Saba Capital Management, L.P.: 17.2378% (from 16.0981%) ↗
  9. 5 May 2026 18.2069% – Saba Capital Management, L.P.: 18.2069% (from 17.2378%) ↗
  10. 8 May 2026 campaign – The Board concluded 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... ↗
  11. 11 May 2026 20.3763% – Saba Capital Management, L.P.: 20.3763% (from 19.9882%) ↗
  12. 11 May 2026 19.9882% – Saba Capital Management, L.P.: 19.9882% (from 18.2069%) ↗
  13. 14 May 2026 21.1199% – Saba Capital Management, L.P.: 21.1199% (from 20.3763%) ↗
  14. 22 May 2026 campaign – The Revised Requisition proposes the removal of all six of the Company's Non-Executive Directors and the appointment of six new directors in their place. ↗
  15. 1 Jun 2026 22.0671% – Saba Capital Management, L.P.: 22.0671% (from 21.1199%) ↗
  16. 15 Jun 2026 23.7752% – Saba Capital Management, L.P.: 23.7752% (from 22.0671%) ↗
  17. 16 Jun 2026 24.8152% – Saba Capital Management, L.P.: 24.8152% (from 23.7752%) ↗
  18. 17 Jun 2026 24.6663% – Saba Capital Management, L.P.: 24.6663% (from 24.8152%) ↗
  19. 18 Jun 2026 campaign – The Board firmly believes in the strength of the Company's strategy, as announced alongside its Full Year Results on 10 June 2026, to maximise long-term... ↗
  20. 22 Jun 2026 26.5509% – Saba Capital Management, L.P.: 26.5509% (from 25.2814%) ↗
  21. 22 Jun 2026 25.2814% – Saba Capital Management, L.P.: 25.2814% (from 24.8152%) ↗
  22. 26 Jun 2026 27.0818% – Saba Capital Management, L.P.: 27.0818% (from 26.5509%) ↗
  23. 1 Jul 2026 campaign – the Board remains confident in the strength of the Company's repositioning strategy, as announced alongside its Full Year Results on 10 June 2026 ↗
  24. 6 Jul 2026 28.2076% – Saba Capital Management, L.P.: 28.2076% (from 27.0818%) ↗
  25. 9 Jul 2026 campaign – Saba's plan is high-risk, short-sighted and NOT suitable for Workspace. ↗
  26. 14 Jul 2026 29.1146% – Saba Capital Management, L.P.: 29.1146% (from 28.2076%) ↗
  27. 28 Sep 2026 29.7302% – Saba Capital Management, L.P.: 29.7302% (from 29.1146%) ↗
  28. 1 Oct 2026 29.7302% – Saba Capital Management, L.P.: 29.7302% (from 29.7302%) ↗
  29. 5 Oct 2026 29.7302% – Saba Capital Management, L.P.: 29.7302% (from 29.7302%) ↗
  30. 9 Oct 2026 vote – Saba Capital Management, L.P.: 29.7302% (from 29.7302%) ↗

What is happening

Workspace Group: Saba Capital Management, L.P. campaign – vote. ['vote']

In short
Saba proposed a 12-month wind-down on 8 January 2026, which the Board rejected. It requisitioned board changes on 8 May, widened them to all six NEDs on 22 May, and holds about 21.12%. The Board's full response came on 1 July and a further rebuttal on 9 July. The 15 July Q1 update repeats the call to vote against Saba's resolutions at the 23 July AGM.
Announced
31 Oct 2025 · 10.0203%
Latest
9 Oct 2026 · 29.7302%
Saba materials
Updated presentation and Q&A published 7 July 2026, following 17 June letter and presentation
Disposal evidence
13 FY26 sales at 7.2% average discount to book (Saba); 19.6% to valuation six months earlier (Board)
Buyer interest
Over £200m of assets marketed; interest does not support Saba's 50-75 credible buyers
Timetable
Q1 update 15 July; vote deadline 11am 21 July; AGM 11am 23 July 2026
Board recommendation
For Resolutions 1-20, against Saba Resolutions 21-26
AGM
11:00 am, 23 July 2026, Salisbury House, 114 London Wall
Saba stake
About 21.12%
Vote deadline
11am 21 July 2026

What comes next

AGM vote on Saba resolutions 21-26 (23 Jul 2026).

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Also at Workspace Group 3 open
Disposal of a part (break-up)Low-conviction building disposals – £138m done; extra £100m+ unlikely by March 2027 Turnaround plan with targetsFix, Accelerate and Scale turnaround – Execution; Q2 occupancy dip, early pricing wins OverhangJefferies Financial Group Inc selling down – 10.225% → 4.707% in 2 notices OverhangBlackRock, Inc. selling down – 13.16% → 5% in 10 notices · closed Workspace Group – company page →

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