Saba Capital has responded to Gore Street Energy Storage Fund (GSF) after its board blamed uncertainty created by the activist investor’s proposals for disrupting the sale of its German battery storage asset.

Yesterday, GSF revealed that the preferred bidder for its 22MW Cremzow asset had sought to reduce its offer when negotiations were at an advanced stage. The board said there was “no obvious market-based rationale” for the lower price and considered uncertainty created by Saba’s requisitioned resolutions to be the most likely explanation. GSF has walked away from that bidder and reopened discussions with another interested party.

Saba disputes the board’s interpretation, pointing to the timetable for the sale. GSF put Cremzow on the market in October 2025 and said in March that it expected the transaction to complete by 30 June. Saba notes that this deadline passed before its requisition became public on 30 July and argues that this indicates the sale process was already taking longer than expected.

It also pointed to GSF’s July results, when the company revalued Cremzow in line with the price it expected to receive from a buyer and increased the discount rate applied to the asset to reflect a more cautious assessment of operational risks.

Saba said that, if its proposals had affected the transaction, this raised questions about the resilience of the sale process. However, as we noted yesterday, there is no way of knowing definitively what prompted the preferred bidder to seek a lower price.

Saba has confirmed that it will vote against the re-election of GSF chairman Angus Gordon Lennox and in favour of resolutions 16 and 17 at the company’s AGM on 16 September.

Those resolutions would require GSF to cease continuing in its current form as an investment company and, if approved, require the board to bring forward proposals within three months for the company to be wound up, liquidated, reorganised or unitised.

GSF’s board is urging shareholders to reject both resolutions and give its revised strategy time to work. Independent proxy advisers ISS-Corporate and PIRC have also recommended that shareholders vote against Saba’s proposals.

The AGM takes place on 16 September.