Supplementary Notice of AGM

Gore Street Energy Storage Fund PLC

21 August 2026

 

21 August 2026

Gore Street Energy Storage Fund plc

(the 'Company' or 'GSF')

Supplementary Notice of AGM

Unanimous Board Recommendation to VOTE FOR Resolutions 1 to 15

And VOTE AGAINST the Saba Resolutions 16 and 17

As previously announced on 30 July and reiterated in the Company's update on 4 August 2026, the Company received a requisition notice submitted on behalf of Saba Capital Management, L.P. ("Saba") adding two resolutions concerning the Company's future to the business of the upcoming AGM. If you have already submitted your proxy votes for the AGM, these need to now be resubmitted in order to vote on all items of business at the AGM, including the Saba Resolutions. The Board's unanimous recommendation is to VOTE FOR Resolutions 1 to 15 and VOTE AGAINST Saba Resolutions 16 and 17 and it urges you to exercise your rights as Shareholders and vote your shares.

The Company will shortly publish a supplementary notice of annual general meeting incorporating the Saba Resolutions (the 'Supplementary Notice of AGM'), together with a new form of proxy. Capitalised terms used in this announcement have the same meaning given to them in the Supplementary Notice of AGM.

Angus Gordon Lennox, Chair of the Company commented:

"We are concerned about the future of the Company and the value-destructive impact should the Saba Resolutions pass. The refreshed Board, in undertaking its comprehensive review earlier this year, prior to establishing the Updated Strategy, considered all options for the Company's portfolio including a wind-down, but assessed a whole portfolio sale to be highly challenging in current market conditions, and therefore not the best route to maximising Shareholder value. Instead, the Board outlined a clear plan to augment the portfolio, alongside selective asset sales and distributions to Shareholders to reward them for their patience while this took place, with clear and strict KPIs in place to measure the Investment Manager's progress and ensure alignment. We therefore urge Shareholders to vote against the Saba Resolutions as we believe they risk value destruction and would disrupt the asset sales that are already underway as part of the Company's Updated Strategy."

Saba, having a current shareholding of approximately 18 per cent. of the Ordinary Shares, is relying on other Shareholders not voting their shares at the AGM. It is very important that you as Shareholders and owners of the Company vote on all of the resolutions to be proposed at the AGM, including the Saba Resolutions, as the future of your Company and the value of your investment depend on it.

Saba's two resolutions are:

Ordinary Resolution (Resolution 16)

·    THAT the Company shall not continue in existence as an investment company.

Special Resolution (Resolution 17)

·    THAT, if Resolution 16 is passed, then within 3 months the directors of the Company shall put forward proposals to the members of the Company to the effect that the Company be wound up, liquidated, reorganised or unitised.

The Updated Strategy announced in March this year is designed to provide ALL Shareholders a quarterly distribution funded through a combination of operating cash flows and selective asset sales, whilst also enabling surplus capital to be recycled into enhancing select portfolio assets through augmentations. The Board believes this will maximise value from these assets through revenue or future sales.

For the reasons set out below, your Board unanimously recommends you VOTE AGAINST BOTH Saba Resolutions (Resolutions 16 and 17) at the AGM and urges you to exercise your rights as Shareholders and vote your shares.

·    Avoid accelerated sales at a low point in the cycle: A wind-down at this stage risks making the Company appear to potential buyers as a forced seller, weakening pricing and making the last stated NAV harder to realise.

·    Let the current sales processes work: The Company announced the sale of the first two assets on 20 August 2026 and further selective asset sales are already underway. Selective asset sales are designed to maximise value, fund Shareholder distributions and enable augmentations to enhance the portfolio. A discontinuation now would disrupt the live transactions in progress and risk not achieving best value for those assets.

·    Capture value from near-term augmentations: Targeted two-hour battery extensions are expected to generate at least 30 per cent. more revenue than one-hour assets in GB, increase the attractiveness of these assets for potential acquirers and retain the related value uplift.

·    The mechanism to hold the Board and the Investment Manager to account is already in place: KPIs relating to targeted disposals, augmentations and Shareholder distributions are in place as part of the Updated Strategy which, if missed, would result in Shareholders having the opportunity to vote on the continuation of the Company at the appropriate juncture.

·    Saba's Resolutions risk forcing the wrong outcome at the wrong time: The Saba Resolutions risk value destruction while the Board's Updated Strategy offers a disciplined route to maximising value for ALL Shareholders.

Act Now and Vote Your Shares

A copy of the Supplementary Notice of AGM is available on the Company's website at https://www.gsenergystoragefund.com/content/investors/2026agm.asp and for inspection at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The AGM date, time and place remain unchanged: Wednesday, 16 September 2026 at 10.00 a.m. at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH. The deadline for proxy voting closes at 10.00 a.m. on Monday, 14 September 2026 but deadlines via certain platforms may be earlier. Shareholders are strongly encouraged to vote as soon as possible and for certain platforms no later than 7 September 2026.

For further information:    

Company Secretary     

Benjamin Hanley                                                                         Tel: [phone] 

Amy King                                                                                       Tel: [phone] 

Shore Capital (Joint Corporate Broker)        

Anita Ghanekar / Sophie Collins (Corporate Advisory)         Tel: [phone] 

Fiona Conroy (Corporate Broking) 

J.P. Morgan Cazenove (Joint Corporate Broker) 

William Simmonds / Rupert Budge (Corporate Finance)      Tel: [phone] 

Burson Buchanan (Media Enquiries) 

Henry Wilson / Henry Harrison-Topham / Nick Croysdill       Tel: [phone] 

Email: [e-mail] 

About Gore Street Energy Storage Fund

Gore Street Energy Storage Fund plc is London's first listed energy storage fund, launched in 2018. The Company is the only UK-listed energy storage fund with an internationally diversified portfolio across five grid networks.

https://www.gsenergystoragefund.com 

 

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