Gore Street Energy Storage makes the first of four new non-executive director appointments having survived a challenge to its board last month and Home REIT promises all its long-delayed accounts will be published this year. Plus news from RM Infrastructure Income, Great Portland Estates, Diverse Income, Downing Renewables & Infrastructure and Cordiant Digital Infrastructure.

Gore Street Energy Storage (GSF) has started the process of replacing four of its non-executive directors with the appointment of Simon Merriweather, a former global head of infrastructure asset management at Partners Group and currently a senior adviser at GLIL Infrastructure, the pension fund consortium that has a joint venture with Bluefield Solar Income Fund (BSIF). Merriweather, a chartered accountant, is also a non-executive director at Bristol City Leap Energy Partnership dedicated to decarbonising the city of Bristol. Merriweather will succeed Thomas Murley, who will remain on the board for a handover period. This follows a failed attempt by RM Funds to replace chair Patrick Cox and non-exec Caroline Banszky at a general meeting last month, although its resolutions did receive backing from around 30% of shareholders. Cox said: “Simon brings deep global infrastructure experience that will support the company’s ambitions.”

RM Infrastructure Income (RMII), a winding-down £49m direct lending fund run by RM, reports a 4.9% fall in net asset value (NAV) for the first half of the year, partly caused by a rise in government bond yields and falls in long-term bond prices. Having returned £34.9m since shareholders approved a decision to gradually sell its assets in December 2023, the company has 18 outstanding loans. It remains on track to have returned over half of its capital by the end of this year.

Home REIT (HOME) has raised the prospect of its shares returning from a 31-month suspension later this year. In a trading update the company said it expects to publish its long-delayed 2024 interim and annual reports next month with the 2025 interims to follow in the fourth quarter of 2025, after which it would apply for a restoration of its listing. There may not be much left of the company as the wind-down of its property portfolio by fund manager AEW is also expected to complete in the fourth quarter. Any return of capital will be limited by the need to retain funds for potential litigation from shareholders and its wish to bring a claim against its former fund managers Alvarium and AlTi Re. HOME collected £1.3m in rent in July and had £9.2m of cash at the end of the month.

James Carthew, head of investment company research at QuotedData, said: “As I flagged on our weekly show on 22 August, Home REIT has delayed its results announcements – and hence the relisting – again, and deferred the date by which its portfolio sale completes by another quarter.”

Great Portland Estates (GPE) has bought a new long leasehold interest in The Gable in west central London for £18m from the City of London Corporation (CLC). It joins GPE’s cluster of fully managed buildings in this prime part of the West End.

Diverse Income (DIVI) has cancelled the 72.8m shares sold by 30.8% of shareholders in the annual redemption mechanism. Assets put into a redemption pool will now be sold by the UK equity income trust over the next few weeks and months and returned to shareholders.

Downing Renewables & Infrastructure (DORE) has declared a previously agreed special dividend of 0.5p per share as its acquisition by Bagnall Energy, first announced in June, had not been achieved by the end of August. The transaction is expected to complete this year.

Cordiant Digital Infrastructure (CORD) says its wholly-owned Irish fibre platform Speed Fibre Group has completed the acquisition of BT Communications Ireland Ltd announced on 5 February. It says the expanded network will be well placed to support the increasing capacity needed to underpin the rapid uptake in artificial intelligence (AI) applications. 

JPMorgan UK Small Cap Growth & Income (JUGI) says Border to Coast local authority pension fund in Leeds has lifted its stake from 3.3% to 5.3%. Shares in the £418m investment trust stand on a 7.5% discount.