Standard Investments calls for strategic review of Johnson Matthey

(Sharecast News) - Johnson Matthey's largest shareholder has called for a strategic review into the chemicals firm that could result in the sale of "part or all" of the group. Standard Investments, which holds an 11% stake in Johnson Matthey, wrote an open letter to chairman Patrick Thomas on Monday, in which it also suggested a major overhaul of its board and the de-risking or disposal of its lossmaking Hydrogen Technologies arm.

The FTSE 250-listed group was said to have been "complacent and incapable of correcting a misguided strategy" that has delivered "sustained underperformance".

While Standard Investments said it still believes in the "unique value of Johnson Matthey", it warned that the board lacked a "sense of urgency" and warned that a "massive credibility gap" had emerged with both investors and the wider market.

As of 0925 GMT, Johnson Matthey shares were up 4.96% at 1,419.0p.







Reporting by Iain Gilbert at Sharecast.com