Saba Capital has increased its stake in Workspace Group to 28.2% ahead of the company's annual general meeting on 23 July, where the activist investor is seeking shareholder backing for its proposed board overhaul.

The increased holding, up around one percentage point, makes Saba the company's second-largest shareholder behind property developer Nicholas Roditi, who holds a 29% stake through London & Amsterdam Trust.

Ahead of the vote, Saba reiterated its support for the six directors it has nominated, rejecting claims that they lack independence. The hedge fund said its nominees, including proposed chair Gautam Garg, bring significant real estate investment experience and would act in the interests of all shareholders if elected.

Saba has argued that Workspace could unlock shareholder value through selected asset disposals and substantial share buybacks, positioning its proposal as an alternative to the turnaround strategy being implemented by chief executive Charlie Green.