LONDON (dpa-AFX) - Gatemore Capital Management LLP has issued a letter to Elementis PLC asking the Board to take immediate and decisive actions to address the governance concerns and realign the company's strategy with the interests of shareholders. Gatemore reiterated firm belief that accelerating the cost-savings program, replacing the current CEO, and conducting a strategic review - including a potential disposal of the Talc business - are essential to improving the company's performance. Gatemore noted that it has engaged with many of the largest active shareholders of Elementis and believe there is unity on all the issues.
'Failing this, we may be compelled to unite the shareholders and pursue the replacement of the Chairman through an Extraordinary General Meeting to drive the necessary change within Elementis,' Gatemore stated.
Gatemore Capital Management LLP manages the Gatemore Special Opportunities Fund, which currently holds an economic interest of over 4.5 million shares in Elementis.
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