RE: AGM Thursday 18 September 2025 at 10 a.m. - Resolutions20 Sep 2025 12:33
Summary from Quoteddata.com. Discrepancy between fees paid and received seems unnecessarily mess?
improve returns to shareholders who have seen their stakes fall 23% in the last five years to trail 47% below net asset value, with a dividend cut in July compounding their disappointment.
Ahead of last monthโs EGM, the ยฃ275m company said it would sell pre-construction assets accounting for 8% of its portfolio to fund upgrades to its battery storage facilities.
Missing fees
RM Fundsโ call for greater transparency and cost control has received the support of analysts at Investec. In an open letter last week before the AGM, RM fund manager Pietro Nicholls said he had asked for a full fee reconciliation from GSF after being unable to match the management fees disclosed in its annual report with those reported by manager Gore Street Capital in its annual accounts.
Investec analysts said on Wednesday Cox had confirmed in writing that payments from GSFโs subsidiaries to Gore Street Capital are not disclosed in the investment companyโs accounts.
โAs such, the total fees being earned by the manager appear to be cยฃ5m more than in the accounts, +90%,โ analyst Ben Newell wrote in a note to investors.
โEven if GSF is meeting the letter of the accounting standards, it is clearly, in our view, falling woefully short of industry standards and the expectations of investors,โ Newell said.
In June the company announced a reduction in its fund management fees would save around ยฃ1.1m a year.