Gore Street Energy Storage (GSF) has survived the attempt by Saba Capital to wind up the battery fund but has seen a big vote against its chairman.
Nearly 56% of votes at today’s annual general meeting in London were against the activist hedge fund’s resolutions to discontinue the company and sell its assets. Turnout was good with over 65% of shares voted.
However, chair Angus Gordon Lennox was nearly ousted with just 55.3% of votes for his re-election.
The company said it would engage with shareholders, including Saba, its largest with a 20% stake, “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.”
Our view
James Carthew, head of investment company research at QuotedData, said: “As a shareholder, I am very pleased to see that Saba’s attempt to force a potentially value-destructive wind up on Gore Street Energy Storage has failed. The company now has some breathing space to progress its own plans to generate better returns for investors. However, it must remember that our patience is not inexhaustible.”
