Following “sustained underperformance”, Edinburgh-based RM Funds has requested that the Gore Street Energy Storage Fund (GSF) board be reviewed.
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).
RM Funds, which is a long-term GSF 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 GSF 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.
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.
Miller, a restructuring specialist, and Dixon, a management consultant, would replace the current chair of GSF’s board, Patrick Cox and non-executive Caroline Banszky.
GSF’s annual result for the 12 months to 31 March showed operating revenue fell from £41.4 million to £35.3 million, despite a portfolio capacity increase from 311.5MW to 408.9MW 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.News).
According to the company, £18 million to £22 million of the proceeds from the $84 million (£62 million) Big Rock sale, 50% of which GSF has already received, will be used to augment two UK battery energy storage systems (BESS).
The two BESS assets, the 80MW Stony project and 50MW Ferrymuir BESS will be augmented from 1-hour to 2-hour duration.
Difficulties for GSF come after an “extremely turbulent period”, one that has seen UK-wide revenue drops and other storage investors encounter difficulties. The acquisition of Harmony Energy Income Trust was completed by Foresight Group at the start of this month, which has taken the fund private.
