RCS - Charles Barker Corp. - Letter to Brenntag Shareholders

Brenntag SEAnnouncement

16/06/2023 13:15

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RNS Number : 0307D  Charles Barker Corporate Comm. GmbH  16 June 2023

 PrimeStone Capital LLP: Letter to Brenntag Shareholders

EQS-Media / 16.06.2023 / 12:09 CET/CEST

 London,16th June, 2023. PrimeStone Capital LLP, a shareholder holding more
 than 2% of Brenntag SE (ISIN DE000A1DAHH0, WKN A1DAHH), has today published
 the following letter to Brenntag SE shareholders:

 

 ---------------------------------------------------------------------------------------------------------------------------------------------------------------

 Dear Fellow Shareholders,

Over the last few months, we have had an opportunity to engage with many of
 you to discuss our concerns regarding Brenntag's underperformance, strategy,
 capital allocation and governance. We want to express our sincere gratitude
 for your thoughtful engagement, challenges and support throughout this
 period.

For the first time in German corporate history, both ISS and Glass Lewis
 endorsed all of the dissidents' candidates and recommended against all of the
 company's nominees. Yesterday, the latter received the lowest level of support
 of any DAX company in the recent past (being opposed by close to 40% of
 shareholders compared to an average of 3%). Some of you who have eventually
 chosen to support the company's candidates despite sharing our assessment of
 the situation would have preferred a negotiated solution that the company
 deemed unpractical. Others have hesitated until the last few days and have
 finally decided to give the company another chance. We appreciate your serious
 consideration of the alternative.

The endorsement of our independent candidates by so many of you and by the two
 largest governance institutions in the world reveals a deep frustration among
 Brenntag's shareholders and a demand for (i) an improved overall governance
 with a strengthened and more open Supervisory Board, (ii) an accelerated pace
 of improvement at Brenntag Specialties after years of promises and in contrast
 with the recent results, and (iii) a serious fact-based consideration of the
 separation of Essentials and Specialties with a heightened sense of urgency.
 We hope the Supervisory Board has heard this message from shareholders and
 understands that the status quo is untenable.

We look forward to Brenntag's announcements on "concrete decisions for the
 operating model of both divisions" before the summer break and to its 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
 Brenntag.

Yours sincerely,

PrimeStone

 

 End of Media Release

Issuer: Charles Barker Corporate Communications GmbH

Key word(s): Print Media

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