Stifel said dissent was “significant” at Gore Street Energy Storage Fund PLC's (LSE:GSF) annual meeting, with more than a quarter of investors opposing the re-election of chairman Patrick Cox.
Between 18% and 22% voted against other directors, echoing last month’s general meeting where nearly 30% backed board changes.
Two special resolutions also narrowly failed, with just under the 75% support required.
These related to pre-emption rights on new share issues, meaning any fresh capital would have to be offered to existing holders first, most likely through a rights issue.
Stifel said the resolutions were “fairly irrelevant as things stand”.
Despite the scale of opposition, the board has said only that it will engage with shareholders again in six months — a response the broker called “pretty poor” given the level of dissatisfaction.
Analyst Will Crighton added that the lack of an update on summer revenues was another concern.
Stifel kept its 'negative' rating, warning that at 55p, shares could fall further towards the 50p level.