Asset manager RM Funds has proposed a meeting of it and other Gore Street Energy Storage Fund (GSF) investors to discuss changes to the board following ‘sustained underperformance’, it said.
Over the last three years, GSF’s share price has declined almost 47% and is trading at a discount of roughly 37% to net asset value (NAV). The fund owns battery energy storage system (BESS) projects in the UK, Ireland, Germany and the US.
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RM Funds, which is a long-term Gore Street shareholder, issued a notice to requisition a general meeting of shareholders due to “sustained underperformance, a prolonged share price discount, and ongoing concerns regarding governance and strategic direction”.
The requisition comes as a last resort; the investment service said it has engaged with the Gore Street board over six months but it refused RM’s suggestion that the board be ‘refreshed’ ahead of any strategic outcome.
RM said the GSF’s discount reflects the “subscale nature” of GSF, the complexity and fragmentation of its geographically diverse portfolio, and illiquidity in its shares. The solution, RM said, would be to divest non-core assets, return surplus capital to shareholders and pursue a merger or sale of the company.
All the listed UK BESS funds have struggled in the past two years as revenues fell. Harmony Energy Income Trust (HEIT) was recently acquired and de-listed by investor Foresight, following its share price falling well below NAV per share too.
Citing a favourable backdrop—over 25 UK battery storage projects completed in the first half of 2025—RM said that its suggested actions would create a scaled, liquid platform more attractive to investors.
The investor has proposed the appointment of Brett Lance Miller and Ian Marcus Dixon, both of whom have “considerable expertise” in investment companies and infrastructure assets.
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