REG - Workspace Grp PLC - Receipt of revised Requisition Notice

WorkspaceAnnouncement

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RNS Number : 3617F  Workspace Group PLC  22 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.

 

FOR IMMEDIATE RELEASE.

 

22 May 2026

 

Workspace GROUP PLC

 

Receipt of REVISED requisition notice in respect of the

2026 Annual General Meeting

 

On 8 May 2026, the Board of Workspace Group PLC (the "Board" and the "Company"
respectively) acknowledged receipt of a requisition notice made on behalf of
Saba Capital Management L.P. ("Saba Capital") (the "Initial Requisition").

 

The Board today acknowledges receipt of a revised requisition notice made on
behalf of Saba Capital on 20 May 2026 pursuant to section 338 of the Companies
Act 2006 (the "Revised Requisition") requesting the circulation of ordinary
resolutions at the Company's next Annual General Meeting, which is scheduled
to be held on 23 July 2026 (the "AGM").

 

The Initial Requisition proposed the removal of five of the Company's
Non-Executive Directors (all other than Manju Malhotra) and the appointment of
four new directors proposed by Saba Capital (Nick Shattock, Andrew Sim,
Richard Starr and Gregory Attwood).

 

The Revised Requisition proposes the removal of all six of the Company's
Non-Executive Directors (including Manju Malhotra) and the appointment of six
new directors in their place. The new directors proposed by Saba Capital are
the four individuals proposed by Saba Capital in the Initial Requisition, as
well as Gautam Garg and Simon Hampton.

 

The Revised Requisition has been made by Vidacos Nominees Limited a/c 2062,
acting as nominee and on behalf of Saba Capital, a US hedge fund, which has
interests in approximately 21.12 per cent of the Company's issued share
capital as at the time of this announcement.

 

The Initial Requisition and the Revised Requisition follow the publication of
a letter from Saba Capital dated 8 January 2026, which set out a proposal to
conduct a managed wind-down of the Company over a 12-month period to address
the discount to its net asset value. 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.

 

As stated on 8 May 2026, 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 Revised
Requisition. Shareholders are advised to take no action in respect of the
Revised 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
 Greg Tinker, Corporate Communications Manager

 FGS Global                                                      020 7251 3801
 Chris Ryall
 Guy Lamming

 

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 Revised Requisition:

 

The Revised 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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