17th Jun 2026 10:57
(Alliance News) - Saba Capital Management LP is expected to appoint four nominees to the board of Impax Environmental Markets PLC on Wednesday, as it also moved toward the replacement of non-executive directors at Workspace Group PLC.
Impax Environmental said, ahead of the Saba-requisitioned general meeting on Wednesday, that it expects the resolutions to appoint four Saba nominees to the board to receive the requisite board approval.
This requisitioned meeting is being held after the company's annual general meeting.
The FTSE 250 index constituent is a London-based investor in companies mitigating environmental risks.
Noting the latest voting information, Impax Environmental also said it is anticipated there will be insufficient votes in favour of the re-appointment of the five independent directors standing for re-election.
Back in April, Saba requisitioned the meeting and proposed electing Caroline Bault, Steven Grey, Jason Chen and Aaron Morris as new directors.
Impax Environmental said that subject to confirmation of the results on Wednesday, it expects these Saba nominees to be appointed as directors, and for Glen Suarez, Aine Kelly, Stephanie Eastment, Guy Walker and Elizabeth Surkovic to cease to be directors at the end of the RGM.
Chair Glen Suarez commented: "The board made every effort to resolve this situation constructively, offering shareholders including Saba a continuation tender offer at close to net asset value, contingent upon Saba's full participation. Regrettably, Saba refused to accept this unless conditions that were wholly unrealistic were met."
He added: "And here we are today, with the outcome unfolding exactly as the board anticipated. Saba, a single minority shareholder, has, effectively taken control of the company due to the peculiarities of the UK regulatory regime and UK company law."
Back in April, Saba took control of fellow FTSE-250 listing Edinburgh Worldwide Investment Trust PLC, succeeding in ousting its board after a stand off lasting over a year.
The Edinburgh-based investment firm was among several UK-listed trusts to have been caught in disputes with Saba, which has been accused of trying to take backdoor control of various companies in which it invests.
The latest is Workspace Group PLC, another FTSE-250 listing and a London-based flexible workspace provider.
Saba, which is the the second-largest shareholder in the company with a 24.7% stake, on Wednesday urged shareholders to back its campaign to replace the company's non-executive directors, arguing that Workspace's shares continue to trade at a roughly 50% discount to net asset value.
Saba said it has proposed a strategy focused on accelerated property disposals and share buybacks to unlock shareholder value, contrasting this with Workspace's recently announced plan to reinvest disposal proceeds into upgrading properties to drive rental income growth.
Saba said it has identified a disposal roadmap covering 56 assets and is also advocating outsourcing property management and a more targeted refurbishment programme.
The activist investor is seeking shareholder support for six board nominees ahead of a vote on its proposals.
Saba noted that since the launch of its campaign, Workspace has appointed a new executive team, including Charlie Green as chief executive back in February, and Tom Edwards-Moss as chief financial officer in April.
Saba said the new management team presented a new strategy alongside its annual results on Wednesday last week, which detailed a "transformation to an earnings-focused business".
The investor said it has "serious concerns" regarding the the risks of the strategy proposed, which it explained at its heart, "is a capital allocation policy that reinvests disposal proceeds to upgrade properties in an effort to grow rental income over time."
"Even under management's own assumptions, the plan is expected to take several years to generate meaningful earnings growth. In our view, shareholders are being asked to accept considerable execution risk, uncertain returns, and an extended investment horizon, despite the existence of a more immediate and lower-risk alternative," said Saba Capital.
Saba on Wednesday expressed the need for new, independent board oversight, stating that: "The time has come for the incumbent, non-executive directors to step aside and focus on preserving shareholder value rather than preserving their positions."
The activist investor said it will engage with other shareholders and discuss its proposals in the weeks ahead.
Shares in Workspace were up 0.8% at 349.00 pence on Wednesday morning in London. They are down 15% over the past 12 months. Impax Environmental shares were down 1.3% at 464.00p but are up 25% over the past year. Edinburgh Worldwide was down 0.3% at 287.79p but up 75% over the past year.
By Christopher Ward, Alliance News reporter
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Related Shares:
Impax Asset ManagementEdinburgh Worldwide Investment TrustWorkspace