Response to open letter from Gatemore
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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.
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