Letter to the Shareholders of Workspace Group plc

NEW YORK, June 17, 2026 /PRNewswire/ --

Dear Fellow Shareholders of Workspace Group plc:

We are writing today to provide an update on our campaign to maximise the value of Workspace Group plc (the "Company" or "Workspace") for all shareholders.

Saba Capital Management L.P. is the Company's second largest shareholder and currently owns approximately 47.4 million shares, representing c. 24.7% of the outstanding share capital.[1]

Background to our investment

We began building our investment in Workspace on 5 August 2025, recognising what we believed to be a substantial disconnect between the Company's share price and the underlying value of its property portfolio. We also saw a significant opportunity to reverse years of value destruction through a more disciplined strategy and stronger Board oversight.

In our view, Workspace's persistent discount to net asset value ("NAV"), the largest among 19 other comparable UK REITs,[2] reflects a combination of factors, including underperformance versus peers, an undervalued property portfolio, strategic inconsistency over time, and the changes in senior management over a relatively short period of time.

On 20 November 2025, we met privately with the Company's management team to discuss a proposal aimed at addressing the Company's discount to NAV. We were disappointed by the lack of any meaningful engagement and the Board's outright rejection of our proposal. As a result, we issued an open letter on 8 January 2026 outlining a clear path to unlocking shareholder value through an orderly strategic sale of the Company's property portfolio, the systematic repayment of all outstanding debt, and a timely return of capital to shareholders. We requested that the Board adopt this proposal by no later than 20 February 2026.

This discount to NAV represents a significant upside opportunity for Workspace shareholders: if the Company disposes of properties and uses the proceeds to repurchase shares, this generates an implied return of ~100% at the current 50% discount to NAV.

The Board rejected our proposal characterising it as a 'fire sale' which would fail to realise full value. This characterisation was entirely inaccurate. From April 2025 to March 2026, Workspace sold or exchanged 13 properties at an average discount of 7.2% to book value[3] compared with the Company's current share price discount to NAV of approximately 50%.[4] Furthermore, our analysis, supported by independent real estate experts, indicates that the market remains interested in a significantly accelerated disposal programme, above the Company's conservative plans.

Given the Board's refusal to pursue what we believe is the clearest path to value realisation, we concluded that shareholders would be best served by a change in Board oversight. Accordingly, on 20 May 2026, we submitted a requisition seeking to replace the Company's incumbent non-executive directors with six highly qualified director nominees.

Recent results reinforce the need for change

Since the launch of our campaign, Workspace has appointed a new executive team, including Charlie Green as CEO on 2 February 2026 and Tom Edwards-Moss as CFO on 30 April 2026.

On 10 June 2026, this new management team presented a new strategy alongside the Company's annual results.

At the heart of this strategy, described as a "transformation to an earnings-focused business," is a capital allocation policy that reinvests disposal proceeds to upgrade properties in an effort to grow rental income over time. We have serious concerns regarding the risks inherent in this strategy.

Even under management's own assumptions, the plan is expected to take several years to generate meaningful earnings growth. In our view, shareholders are being asked to accept considerable execution risk, uncertain returns, and an extended investment horizon, despite the existence of a more immediate and lower-risk alternative.

Our Value Creation Strategy – greater value, lower risk

While our thinking has evolved since the launch of our campaign, our core conviction remains unchanged: shareholder value can be realised more quickly and with substantially lower execution risk by prioritising much more significant property sales with the proceeds utilised in share buybacks over large-scale reinvestment. Importantly, this would not involve any fire sale of assets – as the second largest shareholder, that would not be in ours or any shareholders' interest. Rather, we believe Workspace can pursue an orderly and accelerated disposal programme that maximises value while maintaining discipline.

We have identified a disposal roadmap comprising three distinct tranches: an initial group of 21 priority non-core assets, a second phase of 19 assets, and a final opportunity-led portfolio of 16 assets. This framework provides a clear pathway to realising value while retaining flexibility to respond to market conditions.

Alongside the core cycle of asset disposals and buybacks, two incremental levers can further close the discount to NAV. First, outsourcing property management functions to lift occupancy, enhance operational efficiency and cut costs.

Second, a more disciplined refurbishment program would focus capital expenditure on selected assets where targeted investment can drive occupancy and rental rates in order to lease or ready these properties for sale. This approach would reduce capital intensity while improving returns on invested capital. We have engaged with several well-known and highly credible real estate firms with an interest in becoming the outsourced property manager in a number of Workspace properties.

Together, these operational improvements complement the dispose-and-repurchase strategy that sits at the centre of our Value Creation Strategy.

The need for new, independent board oversight

The current Board's track record does not justify continued stewardship of shareholder capital. The Company's approximately 50% discount to NAV[5] stands as a stark indictment of its performance and oversight.

The time has come for the incumbent, non-executive directors to step aside and focus on preserving shareholder value rather than preserving their positions.

We therefore urge shareholders to vote for Saba's six highly qualified nominees: Greg Attwood, Nick Shattock, Andrew Sim, Richard Starr, Gautam Garg and Simon Hampton.

Collectively, these nominees bring deep expertise across real estate, capital allocation, public company governance, operational improvement, and shareholder value creation. We believe they represent the right combination of skills and experience to provide effective oversight and support management in implementing a strategy that maximises value for all shareholders.

We encourage shareholders to review our accompanying presentation which provides a detailed assessment of the Company's performance, the Board's record, our Value Creation Strategy, the qualifications of the six nominees, and the urgent need for change.

We look forward to engaging with other shareholders and discussing our proposal in the weeks ahead.

Sincerely,

Paul Kazarian Partner Saba Capital Management L.P.

Media Enquiries Greenbrook – Rob White / Peter Hewer [email protected] +44 (0) 207 952 2000

Shareholder Enquiries DF King – David Chase Lopes [email protected] +44 (0) 20 7920 9700

About Saba

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.

Disclaimer

This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba's ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented "as is", without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.

Saba may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.