Workspace (#WKP) – “Response to Saba Materials”, argues its own plan “will deliver greater certainty and value”

Workspace (#WKP) – “acknowledges” letter to shareholders from Saba Capital, states “is carefully reviewing”

Workspace (#WKP) – revised board changes requisition from Saba Capital Management

Workspace (#WKP) – receives board changes General Meeting requisition notice from Saba Capital Management

Workspace (#WKP) – emphasises Q4 ‘resilience’ but “moving forward… as we deliberately reposition the business, there will be a step down in profitability”

Workspace (#WKP) – H1 adj. profit fall and swing to reported loss, DPS maintained at 9.4p

Workspace (#WKP) – “like-for-like rent roll down 3.2% in the quarter to £107.1m”, states its actions outweighed by vacations at The Centro Buildings in Camden

Workspace (#WKP) – warns including of large unit vacations and higher employment and refinancing costs

If you don’t love office property in London, you won’t want to buy shares in Workspace

Back in November 2020 I noted about Workspace Group (WKP), the “leading provider of flexible space for London’s brightest businesses”, that it was “fortunate it does not have the huge legacy debts of many of its commercial property peers, so it will survive…but the structural headwinds are still most clearly there: fewer clients wanting more discounts”. The shares have gone a bit up and a bit down since then but, despite being up about 1% this morning to a 732p share price after full year numbers, they are basically unchanged over the last nineteen months or so. In short no disaster…but what should investors think now?

Flexible office solutions cut both ways for Workspace

Back in June I observed that FTSE 250 name Workspace (WKP), which describes itself as a provider of 'inspiring, flexible work spaces with superfast technology in dynamic locations', was a survivor in the commercial property space...but back then the big hope was that its 'flexible offer' would come to the rescue as 'Workspace is ideally positioned to benefit as London recovers from the impact of the Covid-19 pandemic'. Since then the share has been up and down, although it remains well down on a year-to-date basis. And today's first half update tells you everything you need to know why this is…

Commercial property update: Intu's on standby, Workspace believes

There has been a lot of debate about shopping centre operator Intu (INTU) on this website.  For me there was little surprise when I read yesterday that the company has apparently put an administrator on standby as 'one banking source warned this weekend...that Intu could be declared insolvent within a fortnight if it fails to make sufficient progress in the negotiations with lenders'.  As I have noted before  this is all last chance saloon, will the banks prefer a zombie option or not?  No doubt excitable times await for the shares next week. 

Workspace's CEO exits...just as you should be doing with the stock

I hope many of you enjoyed the UK Investor Show last Saturday. Some of you may even have seen my interview with commercial property investor Nick Leslau where we batted around some of the key issues impacting the sector as well as the retail space and related matters such as Brexit. Nick's steer to private investors listening was very clear: be very careful in the space. I was thinking about some of his comments when I saw today's announcement from Workspace (WKP), which I have written about a couple of times before (most recently HERE)…

Workspace - tapping markets whilst the window is still open!

I nearly choked on my morning breakfast cereal when I saw that Workspace (WKP) - who (as per the company blurb) 'provide inspiring, flexible work spaces with superfast technology in dynamic locations' - was raising about £180 million after announcing 'a great set of results' with NAV per share rising 8.8% year-on-year (to 1037p a share or just a little under the current 11 quid share price), trading profit up 20% and the total dividend (aka cash back to shareholders) up 30%.