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
Saba Capital Advocates for Wind-Down of Workspace Amid Trading Issues
Saba Capital's Call for Change
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.
Concerns Over Trading Discount
"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trading discount, refinancing challenges, and structural impediments in its shareholder base, the current model no longer represents the best path to value creation," U.S. activist investor Saba said in the letter.
Shareholder Concentration Issues
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.
Financial Performance Overview
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)
