Gore Street Energy Storage (GSF) chair Patrick Cox is to step down in January, six months earlier than previously indicated, with Angus Gordon Lennox, one of two board appointments made last month, succeeding him on 19 January. Lennox, chair of Aberforth Geared Value & Income (AGVI), former chair of Mercantile (MRC) investment trust and former partner of corporate broker JPMorgan Cazenove, said his immediate focus would be to complete the sales and augmentation of battery assets already under way. “I am clear that delivering best value for shareholders is my and the board’s top priority, and I look forward to working closely with the board, the investment manager, and our shareholders to achieve these goals.” Under pressure to improve returns and transparency following large votes against the re-election of directors and a row over undisclosed fees, GSF is in the process of replacing its board. Last month the company said Cox and senior independent director Caroline Banszky would leave after its annual results next July. Non-execs Thomas Murley and Malcolm King will leave next month following the appointment of Lennox, former Harmony Energy chair Norman Crighton and infrastructure investor Simon Merriweather. It is looking to recruit one more director. Shares in the £321m company stand on a 38% discount to net asset value. Hedge fund Saba Capital took a 5% stake last month to put it just below fellow activist RM Funds on 6%.
Phoenix Spree Deutschland (PSDL) shares have jumped 6%, or 10p, to a 27-month high of 76.4p after the Berlin residential property fund completed a €255m (£223m) refinancing that will enable it speed up disposals and return capital from April next year. Chair Robert Hingley said it was a “significant milestone” in the managed realisation approved by shareholders in March. “We have exceeded our 2025 condominium sales target ahead of schedule and at a premium to latest balance sheet carrying values. Our successful refinancing, together with strong progress in condominium sales, gives us confidence in delivering on our strategy of realising assets and returning capital to shareholders.” The £150m investment company stands on a 35% discount with shareholders sitting on a 33% loss over three years.
Schroders Capital Global Innovation (INOV), the former Woodford Patient Capital Trust that shareholders put into wind-down in February, has reported a flat third quarter with its valuation not yet reflecting last month’s sale of Securiti AI or the $75bn valuation Revolut achieved this week following a funding round. In the three months to 30 September 2025, net asset value (NAV) fell to £136.1m from £173.2m at 30 June following a £37m return of capital. However, NAV per share was unchanged at 21.42p as an upward revaluation of Revolut, the money transfer specialist, was offset by write-downs in packaging procurement and design platform Bizongo, AI doctor Ada Health and organic fertiliser provider AgroStar. The holding in Securiti is still held at £3.7m although the company expects the $1.7bn acquisition by Veeam Software will lift this to £7.7m. It said the investment in Revolut rose from £14.5m and 8.4% of assets to £18.8m and 13.8% of assets, its second biggest holding behind Atom bank where it has a 17% exposure. It said the holding in Revolut remains valued at a discount to the recent transaction.
