Important Notice
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Gore Street Energy Storage Fund PLC (GSF) will hold a Requisitioned General Meeting on 20 August 2025 at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH at 1 p.m. The proxy voting deadline is 1 p.m. on 18 August 2025, but Shareholders should be aware that the deadlines for voting through platforms may be earlier than the Company’s proxy deadline.
The Board unanimously recommends that shareholders VOTE AGAINST all Requisitioned Resolutions.
The Company’s investment strategy, which has positioned it well for long-term value creation, is at risk of being derailed by a single activist investor seeking short-term returns to suit their own agenda.
All shareholders are strongly encouraged to VOTE AGAINST all Requisitioned Resolutions. Guidance on how to vote is provided below.
What is at stake, and what is the activist trying to achieve?
A minority shareholder activist investor is seeking to take control of your Company. They are seeking to:
- Remove two independent, experienced, well-qualified directors: Patrick Cox and Caroline Banszky
- Seeking to appoint two of their own nominees
This threatens to derail GSF’s long-term value creation strategy in favour of short-term, unclear objectives.
Why Vote AGAINST?
The Board and Investment Manager of your company have already made these achievements for all Shareholders:
- £122m+ in dividends returned since IPO
- Established 750MW+ diversified portfolio across five grids
- Achieving operational revenue which significantly outperformed UK-only peers by over 40% per MW
- Lower NAV volatility than UK-only peers
RM funds, the activist shareholder, Offers No Credible Plan
- No clear roadmap for value creation
- Proposed asset sales or merger lacking key details
- Potential for value destruction through forced sales at the wrong time, impacting long-term investors
Your Board is Independent, Experienced and Acts in the Best Interests of Shareholders
- Investment Managers' fee already reduced
- Independent review of strategy completed and being actioned
- Augmentation of high-performing assets already in progress
- Orderly Board rotation in progress, ensuring no dilution to the skillset of the Board
- Long-term successful strategy already in motion
How to Vote
The Board unanimously recommends that shareholders VOTE AGAINST all Requisitioned Resolutions.