I would be happy with 200 - having bought at 18.9p!!! (Just wish all my picks were as good!) |
Institutions looking for close to 200 |
Board would have accepted 180 |
bid of 160p in Dec from KPS rejected |
Money moving to APH |
JPMORGAN RAISES ELEMENTIS PRICE TARGET TO 172 (144) PENCE - 'OVERWEIGHT' |
D.Buy 10k at 121p |
UBS-Buy and raises tgt to 150 (140) |
 Investors back Franklin Mutual calls for Elementis saleLeading investors in Elementis have supported calls for a sale of the company as their "patience has run out" with its executive team.Shareholders in the chemicals group have backed the calls from a key investor for new ownership after the board of directors refused to consider a sales process lastlast week.Franklin Mutual, a US fund manager with a 9.8 per cent stake in the group, last week outlined its concerns about Elementis's "stagnant share price" in an open letter after pleading with executives for change behind closed doors. But the board said the company would not solicit bids because the business could still create "substantial value" as an independent entity. They said the company had performed well despite the worsening economy.Investors have now publicly backed Franklin's stance after years of privately campaigning with the board for change. Franklin has complained that the board has been unable to improve operating performance and returns and urged for a formal sale process to start before the end of next month.Schroders Investment Management, the company's sixth-largest shareholder with a stake of 3.8 per cent, said Franklin's statement was "brilliantly analysed".Andy Brough, co-head of Schroders's European small and mid-cap equity team, said: "It was absolutely one of the best letters I've ever read in my 135 quarters of running money. I'm quite envious actually. I absolutely support them and I think quite a few other shareholders do."Odyssean Capital, the eighth-largest shareholder with a stake of 3.1 per cent, said investors had given the board time to "demonstrate their ability to add value" after rebuffing previous takeover offers. Minerals Technologies, a US company, made a 130p-per-share bid for Elementis in 2020, and Innospec, a US chemicals specialist, offered 160p per share in 2021. Elementis's share price is 124p.Stuart Widdowson, managing partner at Odyssean, said: "We believe that Elementis is a higher-quality company with some unique and valuable assets and believe that the rating of its shares has failed to reflect these attributes for some time."We suspect that other shareholders share many of the frustrations, views and sentiments expressed by Franklin, who are hardly well known as activists. It seems like the shareholders' patience has run out and maybe it's time for someone else or some other corporate to have a go at unlocking the value that sits within the company."Elementis declined to comment.pleading with executives for change behind closed doors. |
The Board and Chairman have to be held accountable. It’s inexplicable how the CEO remains in employment. Both the CEO, Chairman and SID need to go. Total failure of leadership and independent oversight. |
news heads the Market Report page in todays Mail
available to read on thisismoney.co.uk |
Deadneck management have trashed this company. Good riddance (hopefully) |
The Board are too happy collecting their salary to consider realising proper value for investors IMO |
thanks Tony-maybe 3rd time lucky |
Franklin Mutual Advisers Sends Letter Urging Elementis' Board of Directors to Pursue an Immediate Sale of the Company
hxxps://www.prnewswire.co.uk/news-releases/franklin-mutual-advisers-sends-letter-urging-elementis-board-of-directors-to-pursue-an-immediate-sale-of-the-company-301932555.html |
Interesting.. |
Fidelity from 0 to 5% wonder who they bought them off |
This is a real dog. How is the CEO still employed??
He’s taken the share price from 211p in 2016 down to 113p today, destroying the value of shareholders and has taken the company from paying a good dividend each year to not paying one at all since 2019, depriving shareholders of valuable returns. The share price is now stuck in a depressive rut and no sign of any dividend which presumably when it comes back will still be at a much lower level than before.
Not only that but he’s taken the company on a debt fueled acquisition misadventure which from their results presentation made zero profit in 2022 despite spending half a billion of shareholders money in 2018.
Quite what the board have been doing is a mystery but such a destruction in shareholder value is disgraceful. |
Rising this afternoon. I believe there may be a rumour that Mineral Technologies are interested again. It might force an RNS soon. |
Norges adding |
Holding, and will be doing likewise. |
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