Workspace Group PLC (WKP), the London-based flexible workspace and office provider, has received formal notification that New York-based Saba Capital Management, L.P. held a combined interest of 29.730224% in the company as at 28 October 2026. The disclosure, filed on 12 November 2026 under DTR5 major holdings rules, covers both direct voting rights attached to shares and exposure through total return swaps. The notification was completed in New York on 12 November 2026, with Saba's position spread across eleven affiliated funds and accounts.

Key Points

  • Workspace Group PLC (WKP), ISIN GB00B67G5X01, UK-listed flexible workspace provider
  • Saba Capital Management, L.P. disclosed a 29.730224% combined stake as at 28 October 2026
  • 18.659325% held via 35,951,527 direct voting rights; 11.070899% via total return swaps over 21,330,660 voting rights expiring 15 December 2026
  • Investors may watch whether Saba converts or unwinds its swap exposure before the 15 December 2026 expiry

Saba Capital's 29.73% Position in Workspace Group Breaks Down Into Direct Shares and Total Return Swaps

According to the TR-1 notification, Saba Capital Management holds 18.659325% of Workspace Group's voting rights through 35,951,527 directly held shares. A further 11.070899% of voting rights is held indirectly via total return swaps, referencing 21,330,660 voting rights, with a cash settlement structure and an expiration date of 15 December 2026. The combined total of 29.730224% represents 57,282,187 voting rights in Workspace Group, a company that provides flexible offices and business accommodation to small and medium-sized enterprises primarily across London.

Eleven Saba Entities Collectively Hold the WKP Interest, Controlled Ultimately by Boaz Weinstein

The notification identifies eleven Saba-affiliated shareholders behind the aggregated position, including Saba Capital Bluebird Fund Ltd, Saba Capital Master Fund Ltd, Saba Capital Income & Opportunities Fund, and Saba Capital Investment Trusts UCITS ETF, among others. The entities are registered across the Cayman Islands, the United States, and Ireland. The announcement states that the ultimate controlling person across the full chain of controlled undertakings is Boaz Weinstein, who exercises control through Saba Capital Management GP, LLC and subsequently Saba Capital Management, L.P.

Previous Notification Showed Marginally Higher Direct Voting Rights, With Overall Combined Stake Effectively Unchanged

The previous notification on record showed Saba held 20.216366% via direct voting rights and 9.513859% through financial instruments, producing a nearly identical combined total of 29.730225%. The current disclosure reflects a rebalancing between the two categories rather than a material change to the overall combined percentage, with direct share ownership reducing and swap exposure increasing. The threshold crossing date recorded is 28 October 2026, though the issuer was not formally notified until 12 November 2026, a gap investors may note given regulatory notification timeframes.

Upcoming Total Return Swap Expiry on 15 December 2026 Represents a Key Structural Event for Workspace Group Shareholders

The total return swap component comprising 11.070899% of Workspace Group's voting rights is due to expire on 15 December 2026 on a cash settlement basis. Because this instrument does not carry direct voting rights, its expiry or potential conversion could alter Saba's effective voting position materially. Workspace Group operates as a real estate investment trust focused on London flexible workspace, a sector sensitive to occupancy trends, interest rate movements, and demand from smaller businesses — factors that may influence how significant shareholders position themselves ahead of key structural dates.