Leading 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 last 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