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LONDON - RM Funds, a long-term shareholder in Gore Street Energy Storage Fund plc (GSF), has requisitioned a general meeting to propose changes to the company’s board composition, according to a press release statement issued Wednesday.
The shareholder is seeking to appoint two independent non-executive directors, Brett Lance Miller and Ian Marcus Dixon, while removing two current directors, Patrick Cox and Caroline Janet Banszky.
RM Funds cited sustained underperformance as the catalyst for its action, noting that GSF’s share price has declined by more than 47% over the past three years and currently trades at approximately 37% discount to net asset value.
The requisition follows what RM Funds described as six months of private engagement with GSF’s board. The shareholder claims the board rejected its recent proposal to refresh the leadership ahead of any strategic outcome.
RM Funds stated that it sees opportunities to divest non-core assets, return capital to shareholders, and potentially pursue a merger with a peer or sale of the company. The shareholder pointed to market conditions, noting that over 25 UK battery storage transactions were completed in the first half of 2025.
The fund manager indicated that a refreshed board "unconnected to past strategic decisions" would be better positioned to conduct an independent review of the company’s options.
A formal requisition notice has been submitted to GSF, with RM Funds stating it plans to engage with all shareholders in the coming weeks regarding the proposed changes.
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