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Gore Street Energy Storage Fund PLC on Friday said that Angus Lennox is to become chair of the company, the latest development under the fund’s comprehensive board refreshment plans. Lennox is set to take up the position on January 19 next year, having joined the board late last month. Current Chair Pat Cox will remain as a non-executive director for the purposes of continuity, said Gore Street Energy, though adding that he will retire from the board on March 31 next year. The company noted Lennox’s ‘extensive’ experience as both a chair and non-executive director, with him currently serving as chair of Aberforth Geared Value & Income Trust PLC, as well as being executive chair of two private family businesses. He is also the former chair of Mercantile Investment Trust PLC. This executive change forms part of a comprehensive board refreshment, with the London-based investor in utility-scale energy storage projects having recently come under pressure from a long-term shareholder. In August, shareholders voted on a host of board changes, following a request by Edinburgh-based specialist asset manager and long-term shareholder RM Funds. RM Funds had proposed the appointment of Brett Miller and Ian Dixon as independent non-executive directors, as well as the removal of Non-Executive Directors Patrick Cox and Caroline Banszky. The proposed appointments of Miller and Dixon were voted against by 69.52% and 67.03% of participating shareholders, respectively. The proposed removals of Cox and Banszky were voted against by 69.26% and 69.30% of participating shareholders. Despite shareholders voting in line with the board’s recommendations, the fund noted that a ‘significant minority’ voted in favour of the proposed resolutions, with Gore Street reporting plans for ‘board refreshment.’ Following this, RM Funds noted that each resolution received around 100 million votes in support, representing a ‘material proportion’ of the company’s register. RM Funds said it would be ‘appropriate’ for Chair Patrick Cox to step down immediately, stating that the level of opposition reflects ‘a serious loss of confidence in leadership’. Its shares were down 0.2% at 63.46 pence in London on Friday morning. ‘I am taking on the role of chair at a pivotal time for the company. My immediate focus will be to oversee the delivery of the board and manager’s previously outlined plans: completing sales and augmenting assets that offer attractive return profiles,’ said Lennox. ‘These actions are designed to strengthen performance and deliver sustainable value for shareholders. 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.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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