Gore Street Energy Storage Fund urges vote against Saba resolutions

Gore Street Energy Storage Fund has urged shareholders to vote against two resolutions presented by Saba Capital Management at the company's upcoming annual general meeting. Saba holds around 18% of the company’s shares and submitted resolutions 16 and 17 for consideration. Resolution 16 states that the company should cease being an investment firm, while Resolution 17 demands that directors propose winding-up, liquidation, reorganization, or unitization plans within three months if Resolution 16 is approved.

The board of Gore Street unanimously advises shareholders to vote in favor of resolutions 1 to 15 and against resolutions 16 and 17. The company recently announced the sale of its initial two assets. Angus Gordon Lennox, chair of the board, explained that the company conducted a thorough evaluation of all alternatives, including a potential wind-down, during its extensive review earlier this year.

They subsequently devised an updated strategy, which includes quarterly distributions funded by operational cash flows and strategic asset sales, while reallocating any surplus capital into portfolio enhancements. The board contends that a wind-down could weaken the company's competitive position and hamper ongoing deals. The organization anticipates that extending battery capacities by two hours will generate at least 30% more revenue than one-hour assets in the UK market.

The AGM is set to take place on September 16, 2026, at 10:00 a.m. at Stephenson Harwood LLP offices in London, with the proxy voting deadline set for September 14, 2026 at 10:00 a.m. Gore Street Energy Storage Fund is the UK's first publicly traded energy storage fund, established in 2018.