U.S. Hedge Fund Saba Capital Seeks Removal Of All Non-Executive Directors At Workspace Group

Saba Capital Management has increased pressure on the Workspace Group Board by seeking the removal of all Non-Executive Directors.

Earlier this month, the hedge fund submitted a requisition notice to remove five of six Non-Executive Directors, excluding Manju Malhotra, and replace them with Nick Shattock, Andrew Sim, Richard Starr, and Gregory Attwood. In a revised requisition notice, Saba Capital Management proposed the removal of all six Non-Executive Directors, including Malhotra, and the appointment of six new Directors, including the four previously named candidates, along with Gautam Garg and Simon Hampton.

The earlier notice followed a letter dated January 8, 2026, proposing a managed wind-down of the company over 12 months to address the discount to net asset value. Workspace Group Board said it is reviewing the revised requisition notice with advisers after stating the proposal is not achievable and will not maximise value for shareholders.

Advisers include JP Morgan Cazenove, Rothschild & Co, and Stifel.