#shareholder activism #Saba Capital #Workspace Group

Workspace Group plc Shareholder Update

Dear Shareholders,

Today, we provide you with an update on our efforts aimed at maximizing the value of Workspace Group plc. As the second-largest shareholder with approximately 24.7% ownership, we feel it is imperative to convey our insights into the company's current standing and the potential path forward.

Background of Our Investment

Our involvement with Workspace began on August 5, 2025, driven by our assessment that there was a stark discrepancy between the company's stock price and the intrinsic value of its real estate portfolio. We believe that there is a significant opportunity to reverse years of value depreciation by adopting a disciplined strategy and improving board oversight.

The persistent discount of Workspace's stock relative to its net asset value (NAV)—the largest among 19 comparable British REITs—can be attributed to multiple factors including underperformance relative to peers, an undervalued real estate portfolio, and strategic inconsistencies, particularly visible through recent leadership changes.

In a meeting on November 20, 2025, we proposed a solution to address these issues, only to leave disappointed by the lack of substantial dialogue or willingness to engage on the board's part. Consequently, we issued an open letter on January 8, 2026, outlining a clear framework for increasing shareholder value through a systematic strategic sale of the company's real estate assets, complemented by the timely repayment of all debts.

We believe the current 50% discount on NAV offers shareholders significant upside potential. A strategic divestment could yield an implied return of around 100% based on the current valuation metrics. However, our recommendations were dismissed by the board, who likened our proposal to a