Gore Street Energy Storage Fund (GSESF) has attempted to answer critics of its management at an investor presentation ahead of a decisive AGM on 16 September.

Chair Angus Gordon Lennox was joined by directors Christine Higgins and Norman Crighton as they once again called for shareholders to reject proposals led by Saba Capital Management to initiate wind-up proceedings.

Saba, which holds an 18% stake in GSESF, has in recent days published an open letter to the board detailing its objections.

Chief among them is GSESF’s failure to publish the full details of the recent sale of the 120 MW / 240 MWh Kilmannock and 75 MW / 150 MWh Mucklagh projects to GS EU Fund. It has accused the board of failing to run a competitive, independent process.

Saba also warned that GSESF’s updated strategy will not arrest a 27% decline in NAV and a 14% decline in share price across the year to date, with operational revenue covering just 0.28 times the dividend.

GSESF has argued that an accelerated portfolio sale will be value-destructive in the current market, given the fund’s discounted price point. It has sought to put the fund’s struggles in the context of broader UK storage headwinds, including high interest rates and the rapid buildout of energy assets.

Its updated strategy, published in March 2026, features a mix of disciplined asset sales, augmentation at existing projects and shareholder distributions. To coincide with the investor presentation, GSESF announced a dividend of 1.75 pence per share for the quarter ended 30 June.

In its letter, Saba said that it has not set a timeline in its proposals and that the wind-up would be in the board’s hands to avoid a fire sale.

The board began its disposals scheme with the sale of two Irish projects, but it has faced criticism for refusing to state the purchase price beyond confirming that it was no less than their NAV of GBP 13.6m.

Both the buyer, GS EU Fund, and GSESF are advised by Gore Street Investment Management. GSESF’s board has stated that GS EU Fund maintains an entirely separate investment committee and that no rules around related party transactions were breached.

It added that a sale price could not be shared because the buyer insisted on confidentiality during negotiations.

Saba has asked GSESF in the past to issue a tender for new management to replace Gore Street Investment Management. The board considered the request but decided that the existing arrangements are still worth preserving.

GSESF warned that its efforts to realise value from its project portfolio have been undermined by the prevailing uncertainty.

Sales for the operational 26 MWh Cremzow asset in Germany and the pre-construction 400 MWh Middleton project have now been delayed until the fund’s future is clarified.

GSESF has committed to four KPIs should it survive the upcoming vote: an annual distribution commitment of 7 pence per share, disposals of GBP 25m in 2026/27 rising to GBP 75m in 2027/28, increasing capacity at existing projects by 100 MWh by 2027/28, and a fixed discontinuation vote in 2028.