RCS - RM Capital Markets - GORE STREET ENERGY STORAGE FUND - GM REQUISITION

Gore Street Energy Storage FundAnnouncement

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RNS Number : 3610R  RM Capital Markets Limited  16 July 2025

RNS Reach Statement

16 July 2025

RM Funds to Requisition General Meeting of Gore Street Energy Storage Fund plc

RM Funds, a long-term shareholder in Gore Street Energy Storage Fund plc
("GSF" or the "Company"), announces it has today served notice to requisition
a general meeting of shareholders to consider proposed changes to the
composition of the Company's Board.

This follows sustained underperformance, a prolonged share price discount, and
ongoing concerns regarding governance and strategic direction. RM Funds has
been engaging privately with the Board for over six months; however, the Board
has rejected our most recent proposal to refresh the Board ahead of any
strategic outcome, leaving us no choice but to take this step.

Over the past three years, GSF's share price has declined by more than 47% and
continues to trade at a discount of approximately 37% to net asset value
(NAV). RM Funds believes this persistent discount reflects the subscale nature
of the Company, the complexity and fragmentation of its geographically diverse
portfolio, and illiquidity in its shares.

RM Funds believes there is now a compelling opportunity to divest non-core
assets, return surplus capital to shareholders, and pursue a merger with a
peer or a sale of the Company. These actions could create a scaled, liquid
platform more attractive to investors. The backdrop is favourable, with over
25 UK battery storage (BESS) transactions completed in the first half of 2025,
underlining strong market appetite and the potential for significant value
realisation.

To oversee this process and restore shareholder confidence, RM Funds is
proposing the appointment of two experienced and seasoned independent
non-executive directors: Mr. Brett Lance Miller and Mr. Ian Marcus Dixon with
considerable expertise in investment companies and infrastructure assets. RM
Funds also seeks the removal of two non-executive directors, Patrick Cox and
Caroline Janet Banszky. RM believes a refreshed board - unconnected to past
strategic decisions - is best placed to lead a credible, independent review of
the Company's options.

A formal requisition notice has been submitted to the Company, and a copy will
be available via RM Funds website in due course. RM Funds looks forward to
engaging constructively with all shareholders in the coming weeks.

For further information, please contact:

RM Funds

Email: pietro.nicholls@rm-funds.co.uk

 

Reference in this announcement to RM Funds is to RM Capital Markets Limited
and funds managed by it. RM Capital Markets Limited is authorised and
regulated by the Financial Conduct Authority. The information in this
announcement does not constitute investment, legal, tax or other advice.
Shareholders in GSF are advised to take their own advice before making any
investment decision concerning GSF. Information in this announcement has been
prepared by RM Funds and is believed to be accurate at the date of this
announcement. However, RM Funds makes no representation as to the accuracy of
the information in this announcement.

 

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