LONDON, UK / ACCESSWIRE / 16 June 2023 / PrimeStone Capital LLP, a shareholder of more than 2% of Brenntag SE (ISIN DE000A1DAHH0, WKN A1DAHH), today issued the following letter to Brenntag SE shareholders:
To our shareholders
Over the past few months, we have had the opportunity to discuss with many of you our concerns regarding Brentag’s poor performance, strategy, capital allocation and governance. We would like to express our sincere gratitude for your thoughtful efforts, challenges and support during this period.
For the first time in German corporate history, both ISS and Glass Lewis endorsed all dissident candidates and endorsed all of their candidates. Yesterday, the latter received the lowest level of support among recent DAX companies (nearly 40% opposed compared to an average of 3% of shareholders). Despite sympathizing with our assessment of the situation, some of those who ultimately chose to support the company’s candidates preferred a negotiated solution that the company deemed impractical. Some people were. Other companies hesitated until the last few days before finally deciding to give the company another chance. Thank you for seriously considering alternatives.
The support for our independent candidate by so many of you and by the two largest governance bodies in the world has resulted in the deep dissatisfaction of Brentag shareholders and (i) improved governance overall through a strengthened and more open Supervisory Board; , clarifying the requirements of (ii). ) the accelerated pace of improvement at Brentag Specialties, in contrast to recent results after years of commitment; matter. We hope that the Supervisory Board has heard this message from shareholders and understands that the status quo cannot be maintained.
We look forward to Brentag’s announcement of “concrete decisions on operating models for both divisions” before the summer break and by Capital Markets Day in the fall. We remain committed to working constructively with the Supervisory Board and management to create long-term sustainable value at Brentag.
Very truly yours,
prime stone
sauce: Charles Barker Corporate Communications GmbH
View the source version on accesswire.com.
https://www.accesswire.com/761724/PrimeStone-Capital-LLP-Letter-to-Brenntag-Shareholders
