Gore Street Energy Storage Fund urged shareholders to vote against two resolutions submitted by activist investor Saba Capital at its annual general meeting, warning the proposals risked value destruction and would disrupt ongoing asset sales.
The fund, which holds London’s first listed energy storage portfolio, said it would recommend voting against Resolutions 16 and 17 at the meeting scheduled for September 16, 2026. Resolution 16 proposes that the company cease operating as an investment vehicle, while Resolution 17 would require directors to present wind-up, liquidation or reorganization plans within three months if Resolution 16 passes.
Saba Capital, which holds approximately 18% of Gore Street’s ordinary shares, has placed both resolutions on the AGM agenda. The fund’s board, however, unanimously recommended shareholders vote in favor of the remaining 15 resolutions, which relate to routine governance matters.
The AGM will take place at 10:00 a.m. at Stephenson Harwood LLP’s London offices, with proxy voting deadlines set for 10:00 a.m. on September 14, 2026. Gore Street, launched in 2018, operates as a closed-ended fund focused on utility-scale battery storage assets in Great Britain.
In a statement, Angus Gordon Lennox, chair of Gore Street, said the Saba resolutions risked disrupting asset sales already in progress and would likely lead to value destruction for shareholders. The fund’s updated strategy, unveiled in March, emphasizes quarterly distributions funded by operating cash flows and targeted asset sales, alongside reinvestment of surplus capital to enhance portfolio performance.
The fund also highlighted its expectation that extending battery durations to two hours could generate at least 30% more revenue than one-hour assets in the British market. Earlier this week, Gore Street announced the sale of its first two assets, marking a step toward executing its revised investment approach.
