Member Info for PhilipFG

If you are like me, and don't want shrapnel monthly currency divs, and are holding medium term, I've found we can invest in the US accumulation version of this fund, using the ticker SDIU.

Hi Arbinv, thanks for the update. I'm interested and will want to position within ISA. Are their divs payable gross please?

Interesting comment on Pietro Nicholl's substack re SABA's involvement: "Given Saba’s recent corporate engagement with boards and management teams, the question is what comes next? Add into the mix General Atlantic already owning a 15%+ strategic stake (and an investor in the manager) and the shares trading at roughly a 35%+ discount to NAV, is a take-private on the cards?"

"RM Insider"...? I read their substack.

Stick to what you know...

Some of you may already be part of the informal small shareholders group which is led by the Principal behind the excellent Rock and Turner Substack. If you aren't already, I suggest you contact the principal via the R and T Substack. A "Letter Before Action" is being submitted on behalf of over 100 shareholders and it draws attention to the Breach of Directors Duties, the collapsing of the share price to suit insiders, and the fundamental inequality of securities being offered. The principal of this firm is a very credible investment manager who really knows his stock exchange regs and I'm happy that he is fronting on behalf of small investors in this sorry saga. I suggest those not already on board consider joining up.

I respect all opinions here as shareholding should be a democratic process.

I feel the need to address one sentiment that pops up periodically in these chats, namely, those comments suggesting RM is an "asset stripper".

I quote from Pietro Nicholls' comment on Substack: "At RM Funds, we’ve been a shareholder in Gore Street Energy Storage Fund (LSE: GSF) for close to three years. Over that time, we’ve maintained regular engagement with the Board and investment manager - always with the intent of working constructively to improve governance and unlock long-term value for all shareholders."

That doesn't sound to me like an asset stripper.

How many posters on this forum have been shareholders for close to three years?

I am voting in favour of all 4 proposals, i.e. to add 2 RM nominees to the board, and vote off 2 of the long-serving existing board members.

Instead of engaging constructively with an active long-term investor, the board lawyered up and shut RM out of an investors' call. The active involvement of a long-term professional investor should be an asset to a fund like this: instead they've been treated as hostile and the board has gone defensive. They've had long enough unchallenged and it's time to inject some new thinking into proceedings.

Accounts to 31/3/24 have now been published on RNS along with notice of AGM.

Also confirmation that the shares will not immediately be relisted, because delays to the 2025 accounts would almost certainly lead to immediate delisting again.

At least the new management team seems to be moving things along in the right direction...

Iggy On Investing Substack has a note dated 29th May about this case, and he lists the email addresses of the directors, including the Independent Directors, who should have been policing the behaviour of the executive. He suggests we email each of these directors, which I've done. I'll try to post the link here, but if it fails, search for IggyOnInvesting Substack "Anexo Group, the Stag Hunt". https://iggyoninvesting.substack.com/p/anexo-group-the-stag-hunt

You can email the Takeover Panel at supportgroup at thetakeoverpanel.org.uk

Just to confirm Therosy1 that I have absolutely no connection with RM. I'm just a small ISA shareholder. I'm energised because I feel the comms from GSF have been poor, especially over the phasing of divs. I follow Pietro's Substack which had alerted me a while back that all was not well. I'm told that RM were blocked from attending a group investor call on Monday and the board has lawyered up. That doesn't sound like behaviours to support all shareholders: sounds more like behaviours to support the board members.

And in my inbox this morning were 2 consecutive emails advising of an AGM (GSF) and an EGM (ANEXO). Both controversial subjects!

SORRY: wrong about EGM. Mixed up my emails this morning.

My comments stand about RM Funds and the excellent info provided by Pietro Nicholls on his substack and on the RM-Funds page.

Sorry, didn't realise I couldn't post a link. If you search for 'RM-Funds Gore Street (GSF LN) notes to shareholders' you'll find their notes to GSF shareholders.

EGM has been announced for 6th Aug. My platform, AJ Bell, tells me I have to vote by 31st July. (Not sure whether that's a formal requirement or just administrative).

Yesterday I contacted the portfolio manager at RM Funds, Pietro Nicholls, who writes a very good substack on these issues. He drew attention to their webpage on which they will provided updating info as these issues progress. [LINK REMOVED]

I think there are rules around what they can and cannot say in public ("concert parties" and the like) but if you want to communicate with him, his email address is at the foot of the RM note of 16th July.

If we keep an eye on the RM page, and the EGM date, we can potentially add our weight to their call to action.