REG - Workspace Grp PLC - Receipt of requisition notice – 2026 AGM

WorkspaceAnnouncement

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RNS Number : 5144D  Workspace Group PLC  08 May 2026

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

 

Workspace GROUP PLC

 

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 -

 

 

 For further information, please contact:

 Workspace Group PLC                                             020 7138 3300
 Charlie Green, Chief Executive Officer
 Paul Hewlett, Director of Strategy & Corporate Development

 Clare Marland, Head of Corporate Communications

 FGS Global                                                      020 7251 3801
 Chris Ryall
 Guy Lamming

 

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
(http://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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