Saba Capital discloses Workspace Group stake of nearly 30% across shares and swaps

what happened

Saba Capital Management, L.P. disclosed changes to its position in Workspace Group PLC shares. Holding(s) in Company reported the filings, which were distributed through the London Stock Exchange's RNS service. The threshold was crossed on 28 October 2026, and the issuer received notice on 12 November. On that date the direct voting stake in shares stood at 18.66%, while another 11.07% sat in total return swaps maturing on 15 December 2026 and settled in cash. The combined holding reached 29.73%.

A second notice covering a threshold crossed on 27 October showed 20.22% in shares and 9.51% through swaps, again totaling 29.73%. The previous disclosure had listed 22.55% in shares and 7.18% in instruments. The issuer's total voting rights amount to 57,282,187.

why it matters

The combined stake remains just under 30%, a level that matters under UK takeover rules, where crossing it can trigger an obligation to offer for the remaining shares. The move between shares and swaps points to a change in how the position is held rather than a clear increase or reduction. The filings do not state the investor's intentions, so for the market this is background information about a large holder.

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