First View: WKP response to SABA proposal

Research evidence excerpt

First View: WKP response to SABA proposal

UK | REITs

Workspace EquityJulyResearch9, 2026

FIRST VIEWFirst View: WKP response to SABA proposal

Conclusion RATING BUY

WKP's Board has rejected Saba's proposals and urged shareholders to vote PRICE 324.80p^

for all Board resolutions and against Saba's at the 23 July AGM. While PRICE TARGET | % TO PT 406.00p | +25%

agreeing the current share price undervalues the business, the Board argues 52W HIGH-LOW 434p - 312p

its refreshed management team and medium-term strategy offer a lower- FLOAT (%) | ADV MM (USD) 55.7% | 5.35

risk path to value creation. MARKET CAP £627.8M | $839.4M

TICKER WKP LN

WKP believes Saba's plan remains a disguised "managed wind-down", ^Prior trading day's closing price unless otherwise

relying on accelerated asset sales at unrealistically small discounts. The noted.

Board notes that recent disposals have been completed at materially wider

discounts than Saba assumes and warns that increasing sales volumes

could position WKP as a forced seller, destroying value (Since the start of

the new FY for WKP 3 properties have been sold at an avg discount of

22.3%).

It also questions Saba's proposal to use an unidentified external manager,

arguing outsourced management is unproven in the UK flex-space sector

and lacks detail whilst WKP are themselves specialists in the market.

Detail

WKP maintains its experienced Board and newly appointed leadership

team are best placed to optimise the portfolio, dispose of non-core

assets selectively and improve earnings, while Saba's nominees lack the

operational and listed REIT experience required to oversee the business

effectively.

Key Dates

• 15 July 2026 – Q1 Business Update

• 21 July 2026 (11:00am) – AGM voting deadline

• 23 July 2026 (11:00am) – Annual General Meeting (AGM)