17th Jun 2026 14:30
(Alliance News) - Saba Capital Management LP on Wednesday successfully appointed its four nominees to the board of Impax Environmental Markets PLC, after it earlier in the day moved towards the replacement of non-executive directors at Workspace Group PLC.
Impax Environmental had said, ahead of the Saba-requisitioned general meeting on Wednesday, that it expected the resolutions to appoint four Saba nominees to be approved by the requisite majority.
The FTSE 250 index constituent is a London-based investor in companies mitigating environmental risks.
Back in April, Saba requisitioned the meeting and proposed the election of four nominees, with Caroline Bault, Steven Grey, Jason Chen and Aaron Morris now successfully appointed as new directors following the meeting.
The resolutions to appoint said directors all received 71% of votes in favour from shareholders.
Impax Environmental directors Glen Suarez, Aine Kelly, Stephanie Eastment, Guy Walker and Elizabeth Surkovic were all successfully removed at the meeting, with the respective resolutions to remove these directors receiving sufficient shareholder support, also with 71% of votes in favour.
Commenting on the results of the meeting, Saba Founder & Chief Investment Officer Boaz Weinstein said: "IEM shareholders delivered a resounding rejection of the status quo – not once, but twice. After 80.5% of non- Saba shareholders chose to exit in April, 71% of voting shares today chose to replace the incumbent directors with a new board. The message is simple: the underperformance cannot go on".
Weinstein also offered a response to Impax outgoing Chair Glen Suarez's comment earlier on Wednesday, where Suarez referred to Saba as a "single minority shareholder", that has "effectively taken control of the company due to the peculiarities of the UK regulatory regime and UK company law."
Weinstein said: "Let me also correct the outgoing board's parting claim that we are 'a single minority shareholder.' We are not. Saba represents millions of ordinary savers who hold IEM through their investments with us. And we bought our shares from the very IEM shareholders the incumbents claim to champion – shareholders who felt compelled to sell after years of disastrous performance."
He added: "The new, independent board must now deliver a reset – starting with the company's manager. We urge the new directors to act immediately upon appointment to serve notice to terminate Impax's management contract and begin the search for a new manager. Shareholders finally have a board that will put their interests first – now, they need a manager committed to doing the same."
Saba noted this election represents the ninth successful outcome for the activist investor as part of its UK investment trust campaigns, noting it has made "hundreds of millions of pounds for retail investors who would otherwise still be trapped in these trusts at wider discounts – with no way out."
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 0.6% at 348.20 pence on Wednesday afternoon in London. They are down 16% over the past 12 months. Impax Environmental shares were down 0.5% at 467.50p but are up 26% over the past year. Edinburgh Worldwide was down 0.1% at 288.22p 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