After “continuing underperformance”, RM Funds, based in Edinburgh, asked that the Gore Street Energy Storage Fund (GSF) board is being assessed.
In the past three years, the GSF stock price has fallen almost 47% and is traded with a discount of approximately 37% to the net asset value (NAV).
RM funds, a GSF shareholder in the long term, have issued a notification to apply for a general meeting of shareholders because of “persistent underperformance, a long-term stock fortress and continuous concerns about the administration and strategic direction”.
The application comes as a final resort; The investment service said it has been affected by the GSF board for six months, but it refused the suggestion of RM that the board would be ‘renewed’ prior to strategic result.
RM said that the discount of the GSF reflects the “sub -scale” of GSF, the complexity and fragmentation of its geographically diverse portfolio and illiquidity in its shares. The solution, RM said, would be to dispose of non-core assets, return surplus capital to shareholders and to pursue a merger or sale of the company.
With reference to a favorable background – more than 25 British battery storage projects completed in the first half of 2025 – RM said that the proposed actions would create a scaled, liquid platform more attractive for investors.
The investor has presented the appointment of Brett Lance Miller and Ian Marcus Dixon, both of which have “significant expertise” in investment companies and infrastructure assets.
Miller, a restructuring specialist, and Dixon, a management adviser, would replace the current chairman of GSF’s Board, Patrick Cox and non-executing Caroline Banszky.
The annual result of GSF for the 12 months to March 31 showed that the operational turnover fell from £ 41.4 million to £ 35.3 million, despite an increase in portfolio capacity from 311.5 MW to 408.9 MW in the same period.
Last week it was also announced that GSF would sell its investment tax credits for the Big Rock Energy Storage project in the US (covered by our sister site, Energy storage.).
According to the company, £ 18 million to £ 22 million of the revenue of the $ 84 million (£ 62 million) Big Rock sales, 50% of which have already received, will be used to increase two British battery energy systems (BESS).
The two BESS-ACTIVA, the 80 MW Stony project and 50mw Ferrymuir Bess are expanded from 1 hour to 2 hours expensive.
Difficulties for GSF come after a “extremely turbulent period”, one that falls in British income and other storage investors have difficulties. The acquisition of Harmony Energy Income Trust was completed at the start of this month by Foresight Group, which took the Fund Privé.
