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Letter from Gatemore Capital Management LLP to Elementis PLC
LONDON, April 29, 2024 /PRNewswire/ —
29 April 2024
Mr. John O’Higgins
Chairman of the Board
Elementis PLC
The Bindery 5th floor
51-53 Hatton Garden
London EC1N 8HN
United Kingdom
Dear Mr. O’Higgins,
Elementis PLC – an urgent need for change
As you know, Gatemore Capital Management LLP (“Gatemore” or “we”) manages the Gatemore Special Opportunities Fund (“GSOF” or the “Fund”), which currently holds an economic interest of over 4 million shares in Elementis PLC (“Elementis” or the “Company”).
In our previous private letter to you and conversations since then, we discussed the gulf between the fundamental strength of Elementis and the Company’s persistently weak share price. We have decided to make our views public because we believe there should be an open discussion regarding the best steps forward for the Company. More importantly, we are concerned by the ineffective engagement that has long characterised the Company’s interactions with shareholders, which has already resulted in public attention.
This open letter reiterates our views on the key steps the Company needs to take to rebuild investor confidence and unlock significant value for its shareholders. Our opinion is also informed by the extensive conversations to date with fellow shareholders, the vast majority of which we believe agree with our views and recommended actions.
Elementis is an attractive business that has lost its direction
Elementis’ persistently weak share price reflects the market’s sentiment, which is driven by years of disappointing performance.
However, we recognise the fundamental strengths of the Company and the opportunities for significant improvements if corrective actions are taken now. After extensive outside-in due diligence, which involved consultations with industry experts, former executives, investment banks, and Elementis shareholders, we hold a strong conviction that Elementis is a business with a robust asset base, abundant growth opportunities and outstanding potential. Noteworthy factors supporting this conviction include:
- The mission-critical nature of rheology modifiers in the end product formulation;
- Customer loyalty, with coatings manufacturers seeing significant benefits from maintaining long-term relationships with providers after the product has been formulated;
- A distinctive competitive advantage through ownership of a hectorite mine in California which also underpins significant asset value in the business;
- Unparalleled expertise in the rheology modifier space with market-leading R&D capabilities;
- Consistently strong historical gross profit margins.
These fundamental strengths, coupled with its persistently weak share price, result in a perception that Elementis has lost its direction.
Elementis’ valuation has suffered from self-inflicted management failures
We believe that many of Elementis’ current problems are self-inflicted and demonstrate a continued failure of judgement of the Company’s top leadership team, most notably the CEO.
Since the current CEO Paul Waterman came into the office in 2016, Elementis has delivered subpar Total Shareholder Returns (“TSR”) as compared to its peers, despite the share price having been supported by three takeover approaches throughout the period.
[1]While we appreciate the challenging macro environment in which the Company operates, Elementis’ persistent and significant underperformance relative to both its peers and the FTSE 250 — by 86 and 76 percentage points, respectively — underscores the poor management of the current CEO. The broader issues facing UK PLCs have clearly not helped, but they do not provide an excuse for this scale of underperformance.
Management missteps that have been allowed under CEO Paul Waterman’s watch include:
- Poor capital allocation: current management has shown poor judgement on M&A. Approximately $650 million has been spent on M&A net of disposals[2], which is equal to over a half of Elementis’ current entire market capitalisation. Furthermore, the Company overpaid for the Mondo Minerals acquisition and failed to deliver on promised synergies. Instead of delivering growth, this acquisition resulted in increased financial leverage and deteriorating cash flow, ultimately leading to covenant reset and elimination of the dividend.
- Operational underperformance: under the watch of the current management team, Elementis’ financial performance has been disappointing, with operating profit margins and EPS declining despite multiple cost cutting initiatives. Management’s latest mid-term profitability guidance has been increased to 19%[3]. Whilst shareholders will hope that this does indeed come to fruition, it is hard to overlook the fact that the Company’s 2023A reported 14.6%3 operating profit margin has not yet reached the previous guidance of 17%3.
In recent periods, Elementis has also rejected all three takeover approaches it has received, asking shareholders to be patient and trust management’s ability to execute its strategic agenda and close the valuation gap.
Elementis’ self-help measures are woefully inadequate
Elementis has recognised the scope for improvement, but the proposed self-help measures reflect questionable timing, a lack of ambition in the pace, and ultimately a lack of commitment to value creation.
During its recent Capital Markets Day in November 2023, Elementis management unveiled a $30 million cost-saving program scheduled for 2024 and 2025. This program comprises a $20 million “Fit for Future” organisational restructuring initiative and $10 million of procurement and supply chain efficiencies. Given that the current management has been in place for over seven years, it is puzzling why such actions were not implemented sooner. It also raises questions as to whether the transformation could in fact be expedited, with majority of the cost savings realised as early as 2024.
The market is also sceptical of the management’s ability to deliver, which is reflected in the street consensus anticipating only a 17.7% EBIT margin by 2026[4]. This forecast falls considerably short of management’s target, raising concerns about the lack of transparency and detailed disclosure surrounding the plan.
Given the management’s track record to date, there are inevitably significant doubts about their capability to execute and deliver on their promises. Shareholders cannot be expected to have confidence that the same executive who has overseen such an erosion of Elementis’ value can lead an effective cost-cutting programme. The CEO must accept responsibility and recognise that he is no longer trusted to be the individual to lead the Company as it seeks to move away from its past missteps.
In light of these management missteps, the Company requires a new leadership who can conduct a review of its strategy with independence and clear eyes and execute an updated strategy with conviction and strength.
The Elementis Board is not aligned with shareholders
The Non-Executive Directors of Elementis collectively hold less than 0.05% of total shares outstanding, worth approximately £332k, while at the same time earning approximately £526k per annum in Board fees[5]. The misalignment in interest as reflected in this configuration is, unfortunately, not uncommon in UK PLCs, where boards are disincentivised from acting decisively and with appropriate urgency for the benefit of shareholders.
Indeed, the UK Corporate Governance Code (the “Code”) discourages companies from incentivising directors with equity, but we believe this is a fundamentally misguided approach and one of the reasons why UK equity markets are so dramatically underperforming and therefore struggling to attract foreign capital or new listings. We note, however, that this guidance from the Code falls under the “comply or explain” regime and is not a mandatory requirement. Boards not only have the ability to create a more appropriate alignment but are explicitly mandated act in the best interests of shareholders – and certainly should not be treating the Code as holding all the secrets to commercial success.
Indeed, we believe Elementis should align the interests of its Non-Executive Directors more closely with shareholders to foster greater commitment to the Company’s long-term success.
Change at Elementis is long overdue
Allowing Elementis’ protracted period of operational and share price underperformance to persist without urgent and decisive action would inevitably disappoint all stakeholders vested in the Company’s success. In light of this, we call on the Chairman to exercise leadership and steer the Board to take the following steps, so as to chart a course towards unlocking the deep value in Elementis’ stock:
(i) Accelerate and confirm the details around Elementis’ announced cost-savings program;
(ii) Replace the current CEO, and select recently appointed Non-Executive Director Heejae Chae to lead the search process;
(iii) Conduct a strategic review of the portfolio with the aim of refocussing the business and making it more attractive for a strategic buyer.
It falls on you as Chairman of the Board to take the lead in ensuring that the Board fulfils its fiduciary duties, responds to shareholder concerns, and works to foster sustained equity value creation for all shareholders.
With the benefit of our discussions with Elementis shareholders, we are confident in the widespread support for our proposed approach and recommended actions. This consensus underscores the critical need for urgent changes within the organisation. In the absence of decisive steps taken by the Board in the near term, shareholders might be compelled to take proactive actions themselves through available governance mechanisms.
Gatemore is uniquely positioned to unify shareholder interest and unlock value
Founded in 2005 and based in London, Gatemore has a strong track record of unlocking value in UK small- and mid-caps for all shareholders. We focus on turnarounds and recoveries, and we effect positive change within the companies in which we invest through thought leadership and deep engagement. Our involvement with DX Group PLC (“DX”) over a six-year period exemplifies our expertise in unlocking benefits for all stakeholders: DX transitioned from an operating loss of £14 million in FY18 to a profit of £27 million in FY23[6]; In late 2023, H.I.G. Capital Partners announced it would acquire DX at 48p per share — or 6x above where the shares were we first got involved.
We believe that this experience, along with numerous other public and private engagements we have managed, demonstrates our expertise in unifying shareholders on critical corporate actions and unlocking value.
We remain available to further discuss any of this with you and other members of the Board to ensure the full value of Elementis is achieved. Thank you for your attention.
Sincerely,
Liad Meidar
Managing Partner
Gatemore Capital Management LLP
For media enquiries:
Greenbrook
Rob White, Teresa Berezowski
Email: [email protected]
Tel: +44 (0) 20 7952-2000
Disclaimer
Gatemore Capital Management LLP, together with the funds it manages (“Gatemore”) is acting on behalf of itself and not as agent for or on behalf of any third party. This letter is not intended as, and should not be construed as, an offer or invitation or solicitation with respect to the purchase or sale of, or a recommendation to invest in, any security. The content of this letter has been prepared by Gatemore alone and is not, and has not been, endorsed or approved by any other person. You should assume that, as at the date hereof, Gatemore may have a position (long or short) in one or more of the securities of any company mentioned in this document (and/or options, swaps and other derivatives related to one or more of these securities) and may continue transacting in such securities.
This letter is not, and should not be regarded as investment, accounting, legal or tax advice or as a recommendation regarding any particular strategy. No reliance may be placed for any purpose on the information and opinions contained in this letter or their accuracy, sufficiency, or completeness. No representation or warranty, express or implied, is or will be made, and, save in the case of fraud, in no event will Gatemore or any of its directors, officers or employees, advisers, agents, consultants, affiliates, and/ or any funds managed by Gatemore be liable to any person (in negligence or otherwise) for any direct, indirect, special, consequential or other damages arising from any use or misuse of the content or information provided herein.
Certain information in this letter constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue”, or “believe”, or the negatives thereof or other variations thereon or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.
[1] Bloomberg as of 26/04/2024. Total Return Index (Gross Dividends). Specialty Chemicals Peers is a simple average TSR of Ashland, Arkema, Imerys, Evonik and Lanxess.
[2] Elementis FY 2017 – FY 2023 financials.
[3] Elementis November 2023 Capital Markets Day Presentation, Elementis FY 2023 financials.
[4] Capital IQ mean consensus as of 25 April 2024.
[5] Holding value based on Capital IQ information as of 1 December 2023 and market capitalisation of £806m as of 26 April 2024. Non-Executive Board compensation per Elementis 2023 Annual Report.
[6] Group Adjusted Operating Profit before Tax.
View original content:https://www.prnewswire.co.uk/news-releases/letter-from-gatemore-capital-management-llp-to-elementis-plc-302129756.html
Regulators have issued a joint warning highlighting the risks associated with partnerships between banks and fintech companies. This warning underscores the need for careful management of these relationships to ensure regulatory compliance and mitigate potential risks.
Overview of the Joint Warning
The joint warning, issued by a coalition of financial regulators, emphasizes the importance of robust risk management practices when banks partner with fintech companies. These partnerships, while beneficial in driving innovation and enhancing customer services, also introduce new risks that must be addressed.
Key Points of the Warning:
- Regulatory Compliance: Banks must ensure that fintech partners comply with all relevant regulations and standards.
- Risk Management: Robust risk management frameworks must be in place to identify, assess, and mitigate risks associated with fintech partnerships.
- Data Security: Ensuring the security and privacy of customer data is paramount, particularly given the increasing prevalence of cyber threats.
- Operational Resilience: Banks must ensure that fintech partnerships do not compromise their operational resilience and ability to deliver critical services.
Benefits of Bank-Fintech Partnerships
Despite the risks, partnerships between banks and fintech companies offer significant benefits, driving innovation and enhancing the customer experience.
Key Benefits:
- Innovation: Fintech companies bring innovative technologies and solutions that can enhance banking services and products.
- Customer Experience: Partnerships with fintechs can improve the customer experience by offering faster, more efficient, and personalized services.
- Cost Efficiency: Fintech solutions can help banks reduce costs and improve operational efficiency through automation and digitalization.
Risks Associated with Bank-Fintech Partnerships
The joint warning highlights several risks associated with bank-fintech partnerships that must be carefully managed.
Key Risks:
- Regulatory Risk: Ensuring compliance with complex and evolving regulatory requirements is a significant challenge.
- Cybersecurity Risk: Fintech partnerships can introduce cybersecurity vulnerabilities, making it essential to implement robust security measures.
- Operational Risk: The integration of fintech solutions into banking operations can pose operational risks, particularly if not managed effectively.
- Reputational Risk: Any issues or failures in fintech partnerships can damage the bank’s reputation and customer trust.
Strategies for Managing Risks
To mitigate the risks associated with fintech partnerships, banks must adopt comprehensive risk management strategies and ensure rigorous oversight.
Key Strategies:
- Due Diligence: Conducting thorough due diligence on fintech partners to assess their regulatory compliance, security practices, and financial stability.
- Contractual Safeguards: Including robust contractual safeguards in partnership agreements to outline responsibilities, expectations, and compliance requirements.
- Continuous Monitoring: Implementing continuous monitoring and assessment of fintech partnerships to identify and address emerging risks.
- Collaboration with Regulators:: Engaging with regulators to ensure that partnerships comply with regulatory requirements and to stay informed of any changes in the regulatory landscape.
The Role of Technology
Technology plays a crucial role in managing the risks associated with bank-fintech partnerships, offering tools and solutions that enhance oversight and compliance.
Key Technologies:
- RegTech Solutions: Regulatory technology (RegTech) solutions can automate compliance processes, ensuring that fintech partnerships adhere to regulatory requirements.
- Cybersecurity Tools: Advanced cybersecurity tools and solutions can enhance the security of fintech partnerships, protecting against cyber threats.
- Risk Management Platforms: Integrated risk management platforms can provide real-time visibility into partnership risks and support proactive risk mitigation.
Conclusion
The joint warning issued by regulators highlights the need for careful management of bank-fintech partnerships to ensure regulatory compliance and mitigate potential risks. While these partnerships offer significant benefits, including innovation and enhanced customer experience, they also introduce new risks that must be addressed through robust risk management strategies. By leveraging technology and engaging with regulators, banks can effectively manage these risks and capitalize on the opportunities presented by fintech partnerships.
Source of the news: American Banker
The post Regulators Issue Joint Warning on Bank-Fintech Risks appeared first on HIPTHER Alerts.
Nasdaq Inc. has reported earnings that exceeded analysts’ expectations, driven by a surge in fintech sales. This strong performance underscores the growing importance of fintech solutions in driving financial market innovation and growth.
Overview of Nasdaq’s Financial Performance
Nasdaq’s latest earnings report reveals impressive financial performance, with profits surpassing estimates due to robust growth in its fintech segment.
Key Financial Highlights:
- Revenue Growth: Nasdaq reported a significant increase in revenue, primarily driven by its fintech sales.
- Earnings Beat: The company’s earnings per share (EPS) exceeded analysts’ expectations, highlighting its strong financial performance.
- Fintech Segment: The fintech segment emerged as a key growth driver, contributing significantly to the overall revenue increase.
The Role of Fintech in Nasdaq’s Growth
Nasdaq’s fintech solutions have played a pivotal role in its recent financial success, offering innovative technologies that enhance market operations and customer services.
Key Fintech Solutions:
- Market Technology: Nasdaq’s market technology solutions provide advanced trading, clearing, and market surveillance capabilities to financial institutions and exchanges.
- Data and Analytics: The company’s data and analytics solutions offer valuable insights and support informed decision-making for market participants.
- Corporate Solutions: Nasdaq’s corporate solutions include governance, risk management, and compliance tools that help companies navigate complex regulatory environments.
Factors Driving Fintech Sales Growth
Several factors have contributed to the surge in Nasdaq’s fintech sales, reflecting broader trends in the financial technology sector.
Key Drivers:
- Digital Transformation: The ongoing digital transformation in the financial industry has increased demand for advanced fintech solutions.
- Regulatory Compliance: Growing regulatory requirements have driven demand for compliance and risk management solutions.
- Market Volatility: Increased market volatility has highlighted the need for robust trading and market surveillance technologies.
Strategic Initiatives
Nasdaq has undertaken several strategic initiatives to capitalize on the growing demand for fintech solutions and drive long-term growth.
Strategic Focus Areas:
- Innovation: Continuously investing in innovation to develop cutting-edge fintech solutions that address the evolving needs of the financial industry.
- Partnerships: Forming strategic partnerships with other technology providers and financial institutions to enhance its product offerings and expand market reach.
- Global Expansion: Expanding its presence in key markets around the world to capture new growth opportunities and serve a broader client base.
Future Prospects
Nasdaq’s strong financial performance and strategic initiatives position the company for continued growth in the fintech sector. The company plans to leverage its technological capabilities and market expertise to drive further innovation and expand its fintech offerings.
Growth Opportunities:
- Product Development: Developing new fintech products and features to meet emerging market needs and regulatory requirements.
- Mergers and Acquisitions: Exploring potential mergers and acquisitions to enhance its technology portfolio and market position.
- Customer Engagement: Enhancing customer engagement through personalized solutions and services that address specific client needs.
Conclusion
Nasdaq’s impressive financial performance, driven by a surge in fintech sales, underscores the growing importance of fintech solutions in the financial market. The company’s strategic focus on innovation, partnerships, and global expansion positions it for continued growth and success. As Nasdaq continues to leverage its fintech capabilities, it is well-positioned to drive financial market innovation and deliver value to its clients and shareholders.
Source of the news: Reuters
The post Nasdaq Profit Beats Estimates as Fintech Sales Soar appeared first on HIPTHER Alerts.
MANHATTAN BEACH, Calif., July 26, 2024 /PRNewswire/ — Meridian BidCo LLC (“Bidco“), an affiliate of K1 Investment Management, LLC (“K1“), announced earlier this week that its tender offer to acquire the entire issued and to be issued share capital of MariaDB plc (“MariaDB“) for $0.55 per share (the “Offer“) had expired. The Offer was settled in accordance with its terms on July 25, 2024. Bidco now owns 61,263,283 MariaDB ordinary shares, representing 88.70% of the issued share capital of MariaDB as of July 22, 2024.
As previously announced, Bidco now intends to apply the provisions of Sections 456 to 460 of the Companies Act of 2014 of Ireland to acquire compulsorily, on the same terms as the Offer, any outstanding ordinary shares of MariaDB not acquired or agreed to be acquired pursuant to the Offer.
On July 26, 2024, Bidco sent compulsory acquisition notices (the “Notices“) to those MariaDB shareholders who did not accept the Offer (the “Non-Assenting Shareholders“). Following the expiration of 30 calendar days from the date of the Notices, which is expected to be August 25, 2024 (the “Expiration Time“), unless a Non-Assenting Shareholder has applied to the Irish High Court and the Irish High Court orders otherwise, the shares of MariaDB held by Non-Assenting Shareholders will be acquired compulsorily by Bidco (without any action on the part of such shareholders) on the same terms as the Offer, on or about August 26, 2024. The cash consideration payable will be settled no later than three business days after the Expiration Time. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
Following the compulsory acquisition process, Bidco intends to cause the ordinary shares of MariaDB to be delisted from the New York Stock Exchange and terminate the registration of the MariaDB ordinary shares under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act“), and suspend MariaDB’s reporting obligations under the Exchange Act as promptly as possible.
Enquiries
|
Lazard (Financial Advisor to K1 and Bidco) |
Tel: +44 20 7187 2000 |
|
Haven Tower Group (Public Relations Advisor to K1) Donald Cutler, Brandon Blackwell |
Tel: +1 424 317 4850 |
Important Notices
The K1 Responsible Persons (being the investment committee of K1), the Bidco officers and the Meridian TopCo LLC Officers accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the K1 Responsible Persons, the Bidco Officers, the Topco Officers, (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement for which they have accepted responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
Lazard Frères & Co. LLC, together with its affiliate Lazard & Co., Limited (which is authorised and regulated in the United Kingdom by the Financial Conduct Authority) (“Lazard“), is acting exclusively as financial adviser to K1 and Bidco and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than K1 and Bidco for providing the protections afforded to clients of Lazard nor for providing advice in relation to the matters referred to in this announcement or any other matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein or otherwise.
Forward Looking Statements
This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Offer, and other information published by MariaDB, Bidco, K1 or any member of the K1 Group (as defined below) contain statements which are, or may be deemed to be, “forward looking statements.” Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which any member of the K1 Group (including, after closing of the Offer, any of MariaDB and its subsidiaries and subsidiary undertakings (the “MariaDB Group“)) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to K1, any member of the K1 Group’s (including any member of the MariaDB Group) future prospects, developments and business strategies, the progress of the compulsory acquisition process, the outcome of legal proceedings that may be instituted against the K1 Group and/or others relating to the Offer, potential adverse reactions or changes to business relationships resulting from the completion of the Offer, significant or unexpected costs, charges or expenses resulting from the Offer, negative effects of this announcement or the consummation of the Offer on the market price of MariaDB’s Shares, and potential failure to realize the expected benefits of the Offer and other statements other than historical facts. In some cases, these forward looking statements can be identified by the use of forward looking terminology, including the terms “believes,” “estimates,” “will look to,” “would look to,” “plans,” “prepares,” “anticipates,” “expects,” “is expected to,” “is subject to,” “intends,” “may,” “will,” “shall” or “should” or their negatives or other variations or comparable terminology. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that shall occur in the future. These events and circumstances include changes in global, political, economic, business, competitive, and market conditions and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. Neither K1, Bidco nor any member of the K1 Group, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this announcement shall actually occur. The forward looking statements speak only as of the date of this announcement. All subsequent oral or written forward looking statements attributable to any of K1 and all of its affiliates, including K5 Private Investors, L.P. (the “K1 Group“), or any of their respective associates, directors, officers, employees or advisers, are expressly qualified in their entirety by the cautionary statement above. K1 and the K1 Group expressly disclaim any obligation to update such statements other than as required by law or by the rules of any competent regulatory authority, whether as a result of new information, future events or otherwise.
Further Information
This announcement is for information purposes only and is not intended to, and does not, constitute an offer to sell or invitation to purchase any securities, or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this announcement is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
View original content:https://www.prnewswire.co.uk/news-releases/k1-issues-mariadb-compulsory-acquisition-notices-302207896.html
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