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Elementis plc's Board, on April 29, 2024, noted an open letter from Gatemore Capital Management LLP, a 0.6% shareholder. The Board reiterated its belief that shareholder value is driven by progressing actions underpinning its 2026 targets, which include a 19%+ operating margin, >90% cash conversion, >20% return on capital, $90m above market revenue growth, and $30m cost savings. Elementis further announced it would update the market in its trading update alongside its AGM on April 30, 2024.
| Date | 29 Apr 2024 |
| Time | 12:13:46 |
| Category | Corporate updates |
| ID | 4331M |
London, 29 April 2024
Elementis plc
Response to open letter from Gatemore Capital Management LLP
The Board of Elementis plc (the "Company" or "Elementis") notes the open letter published today from Gatemore Capital Management LLP ("Gatemore"), a 0.6% shareholder.
The Board continues to believe that shareholder value is best driven by a focus on delivering the substantial actions that are currently being progressed at pace throughout the business and that underpin progress towards the 2026 targets of 19%+ operating margin, >90% cash conversion and >20% return on capital, generated by $90m of above market revenue growth and $30m cost savings.
The Board continues to engage with, and welcomes feedback from, all shareholders, with a clear focus on driving shareholder value, and looks forward to updating the market in its trading update alongside its AGM tomorrow.
Enquiries
Elementis plc
Paul Waterman, Chief Executive Officer
Ralph Hewins, Chief Financial Officer
Eva Hatfield, Head of Investor Relations Tel: +44 7553 340 380
Teneo
Martin Robinson Tel: +44 (0) 20 7353 4200
Olivia Peters Email: [email protected]