16th Sep 2026 12:03
(Alliance News) - Gore Street Energy Storage Fund PLC on Wednesday said the attempt by Saba Capital Management LP to shut down the company was quashed at its annual general meeting, but more than 44% of votes were cast in favour.
Gore Street Energy Storage invests in utility scale energy storage projects. It is advised by Gore Street Investment Management Ltd.
As of Friday, activist investor Saba held a 20.07% stake in Gore Street Energy Storage, which invests in utility-scale battery energy storage systems. Saba had requisitioned two resolutions for the firm's AGM on Wednesday morning, calling for a wind-down.
At the AGM, Saba's resolution that Gore Street Energy Storage not continue as an investment company, received 44.03% of votes in favour. The second Saba resolution, that the directors subsequently propose the firm's winding up, liquidation, reorganisation or unitisation, received 44.25% of the vote in favour. In both cases, the holdings of those who cast votes represented over 67% of Gore Street's issued share capital.
Gore Street Energy Storage noted that all other AGM resolutions were duly passed. However, the resolution for the re-election of Non-Executive Chair Angus Gordon Lennox, only had 55.27% of votes in favour.
Acknowledging the "significant number of votes" for the two Saba resolutions and against the re-election of Lennox, Gore Street Energy Storage said: "The board is therefore cognisant of the range of views expressed, particularly from the company's largest shareholder, and will seek to engage to establish a productive way forward for the company and all shareholders so that ongoing disruption can be avoided in the interest of best delivering enhanced value.
"The board will therefore engage with shareholders to discuss any views they may have...and will report on the actions it has taken to further engage with shareholders."
Last week, the fund said it had halted the sale of its German assets after the prospective buyer significantly lowered its offer. Gore Street Energy Storage said the reduction was not driven by market conditions, instead blaming Saba's AGM resolutions. These, it said, had created "uncertainty" over its future.
Saba rejected this assertion, responding: "Shareholders are being asked to believe that a buyer in a competitive process, for an asset the board says is trading well, has materially cut its price because of a pending shareholder vote.
"If it truly did, the problem is the process, not the vote."
Gore Street Energy Storage shares were up 0.9% at 47.00 pence on Wednesday in London. They are down 15% over the past year.
By Emma Curzon, Alliance News reporter
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