Weinstein's Saba Capital pushes for Workspace wind-down amid trading struggles
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Boaz Weinstein, founder and CIO of Saba Capital Management LP, speaks during the 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 17, 2023. REUTERS/Brendan McDermid
Jan 13 (Reuters) - Boaz Weinstein's Saba Capital, which holds about a 13.5% stake in London-focused flexible office-space provider Workspace, sent a letter on Tuesday urging the company to pursue a managed wind-down.
"Considering the company's (Workspace) persistent trading discount, refinancing challenges, and structural impediments in its shareholder base, the current model no longer represents the best path to value creation," U.S. activist investor Saba said in the letter.
Saba also accused Workspace of having a highly concentrated shareholder register, with a small number of holders controlling a "disproportionately large portion" of the shares.
The London-listed company's shares had fallen 7.6% in the last 12 months as of Tuesday's market close.
Workspace did not immediately respond to a Reuters request for a comment.
The British firm reported a pretax loss of 71.1 million pounds ($95.46 million) for the six months to September 30 as budget uncertainty led to delays in leasing decisions by small- and medium-sized businesses.
($1 = 0.7448 pounds)
(Reporting by DhanushVignesh Babu and Atharva Singh in Bengaluru; Editing by Alan Barona)
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