2nd Oct 2025 12:08
(Alliance News) - Gore Street Energy Storage Fund PLC on Thursday saw it shares climb higher as it reported a special dividend and an accelerated board refreshment plan.
Shares in the fund rose 6.8% to 55.75 pence on Thursday afternoon in London.
The London-based investor in utility-scale energy storage projects noted that the second tranche of the investment tax credit sale proceeds regarding the Big Rock project has been paid to its subsidiary.
The fund said proceeds will be distributed to shareholders, with it approving a 1.5 pence per share special dividend that will be paid around the end of the month.
Gore Street Energy Storage expects the final tranche of the investment tax credit sale proceeds to land in the fourth quarter of this year, with it anticipating the delivery of an additional special dividend of 1.5p.
The fund also said it is planning to realise the "embedded value" of its around 495 megawatt pre-construction assets portfolio possessing near-term grid connection rights across Great Britain, Ireland and Texas.
It seeks to realise this value through either a structured sale of co-investment programme. It also reported plans to sell the 22 megawatt Cremzow asset acquired back in 2022.
Further, Gore Street Energy reported updates with its board refreshment plans. It said it is close to bringing on a new non-executive director, expecting to make an announcement in the coming weeks.
It also expects to announce "accelerated succession arrangements" for Chair Patrick Cox and Chair of the Audit Committee Caroline Banszky, and to confirm anticipated retirement dates for them. The company said this also applied to board members Max King and Tom Murley.
In August, shareholders voted on a host of board changes, following a request by Edinburgh-based specialist asset manager and long-term shareholder RM Funds.
RM Funds had proposed the appointment of Brett Miller and Ian Dixon as independent non-executive directors, as well as the removal of Non-Executive Directors Patrick Cox and Caroline Banszky.
The proposed appointments of Miller and Dixon were voted against by 69.52% and 67.03% of participating shareholders respectively. The proposed removals of Cox and Banszky were voted against by 69.26% and 69.30% of participating shareholders.
Despite shareholders voting in line with the board's recommendations, the fund noted that a "significant minority" voted in favour of the proposed resolutions, with Gore Street reporting plans for "board refreshment."
Following this, RM Funds noted that each resolution received around 100 million votes in support, representing a "material proportion" of the company's register.
RM Funds said it would be "appropriate" for Chair Patrick Cox to step down immediately, stating that the level of opposition reflects "a serious loss of confidence in leadership".
By Christopher Ward, Alliance News reporter
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