Communications with Shareholders

Shareholder support is integral to the successful execution of our “Buy, Improve, Sell” strategy. Melrose has attracted long-term support from its key shareholders since its establishment in 2003 and has generated consistent returns throughout that time. Melrose has always prided itself on the timeliness and transparency of the information we provide to our shareholders. We rely on the depth of the understanding amongst our investors as we often need to move quickly to secure the opportunities that have been critical to Melrose’s success.

The success of our “Buy, Improve, Sell” strategy relies on maintaining strong shareholder support, which Melrose achieves by providing a consistent and transparent flow of useful information and management insight to shareholders and the wider investment community. Melrose takes an honest, transparent and open approach to investor relations and communications. We recognise that analysts require robust information in order to best inform investors, investors themselves benefit from disclosure in line with regulatory requirements, as well as enhanced disclosure on material topics to the Company (including ESG and key acquisition matters) to inform their independent investment decisions, and corporate governance agencies require transparency and active engagement in order to accurately review and assess our performance in line with expected practices.

In addition to our annual programme of key information publications and engagement initiatives including the annual general meeting, extraordinary general meetings on specific material items, publication of full and half year results, and the Annual Report, the Board and the Melrose senior management team meet and communicate with shareholders on a frequent and proactive basis throughout the year.

These efforts include face-to-face investor roadshows in the UK and the US at least once a year, trading updates, capital markets presentation days as appropriate to provide key shareholders, analysts and their representatives with direct access to the Directors and the opportunity to engage directly with the executive management teams of our largest businesses during key points in their improvement cycle, and, where requested, open agenda meetings for key shareholders attended by the Chairman.

The Melrose investor relations function schedules further bespoke interactions between investors, analysts and members of management on a regular basis. Similarly, throughout the year the Group company secretariat engages with the responsible stewardship and sustainability representatives of key investors and corporate governance agencies, including direct discussions with members of the Board.

The views of key analysts and shareholders are also reported to the Board directly by individual Directors or via the Company’s brokers. This helps to ensure that all members of the Board develop an understanding of the views and any concerns of shareholders. The Chairman and non-executive Directors are also available to meet institutional shareholders should there be unresolved matters that shareholders wish to bring to their attention.