Workspace Group (LSE:WKP) has dismissed Saba Capital's revised proposals as a "stealth managed wind-down" that would leave the company exposed as a forced seller in a slow investment market.
The London flexible-workspace real estate investment trust, which houses approximately 4,000 businesses and 40,000 people across its portfolio, said the activist holder's estimation of 50 to 75 credible buyers for its assets was unsupported by actual market interest, with none of the potential buyers Saba identified having approached the company.
It comes ahead of the scheduled shareholder vote later this month.
The board acknowledged that 13 properties sold in the year to March 2026 achieved an average discount of 7.2% to the most recent book value, but said that figure masked a deeper 19.6% discount relative to valuations from six months prior to sale.
Since the start of the current financial year, three further properties have been sold at an average discount of 22.3%.
Workspace added that Saba's proposed outsourced management model was untested in the UK flexible workspace sector and carried a flawed fee structure unsuitable for either operator or owner.
"Saba's plan is high-risk, short-sighted and not suitable for Workspace," the board said, urging shareholders to vote against Saba's resolutions at the AGM.
A first-quarter business update is scheduled for 15 July, and the AGM is set for 11:00 am on 23 July.
