Saba Capital, a U.S. hedge fund led by Boaz Weinstein, has failed in its attempt to overhaul the board of Workspace Group, a FTSE 250 real estate company focused on commercial properties in London and the southeast of England. At Workspace’s annual general meeting held on July 23, shareholders voted to re-elect all six incumbent non-executive directors, rejecting Saba’s proposal to replace them with six new nominees put forward by the hedge fund.
The boardroom battle highlighted a division among investors, with Saba holding about 28 percent of Workspace shares, closely rivaling the 29 percent stake owned by Nick Roditi, the company’s largest shareholder. Roditi, who formerly managed hedge funds for George Soros, opposed Saba’s campaign for change. While Saba gained some backing from smaller shareholders and won partial support from influential proxy advisory firms ISS and Glass Lewis, it did not secure enough votes to effect the boardroom changes it sought. Some of the hedge fund’s proposals received less than 2 percent support from other shareholders.
Duncan Owen, Workspace’s chairman and one of the directors targeted by Saba for removal, said the vote demonstrated decisive shareholder support for the board and its current strategy. Owen indicated he is open to some degree of board “refreshment,” leaving the door open for potential new appointments in the future. Charlie Green, who became chief executive in February, leads the company’s strategy moving forward.
Workspace owns 56 properties primarily leased to about 4,000 small and medium-sized businesses that use the spaces for a variety of purposes including offices, workshops, studios, and storage. The company’s shares currently trade at nearly a 50 percent discount to the underlying value of its real estate portfolio, a gap that has widened amid general investor aversion to UK landlords and internal challenges.
Green acknowledged that Workspace had historically underinvested in maintaining and upgrading its properties, which has contributed to difficulties in retaining customers and recovering occupancy and rental levels since the pandemic. Saba has criticized the company’s performance, urging it to sell all its buildings and distribute the proceeds to shareholders, whom it says have suffered “years of value destruction.” Earlier in 2026, Saba intensified its campaign by calling for the removal of all Workspace’s non-executive directors.
No clear indication has emerged on whether Saba will continue to press for a controlled wind-down of the company following the AGM outcome. A representative for Saba declined to comment. Following the meeting, Workspace’s shares declined 0.5 percent, closing at 351 pence and placing the company’s market capitalization at approximately £676 million.