They now own 3.7% of the company. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 1823 0 obj <>stream As an Amazon Associate I earn from qualifying purchases. Starboard's presentation is available for viewing at the following link and the full text of the letter to shareholders is included below. Operating expenses reflect the average of SIKA, SGO, and CSL. All Rights Reserved. We firmly believe that with the right Board in place overseeing a new plan, GCP can be a best-in-class company in its industry and generate significant value for all shareholders. Today, the firm manages more than $3.0 billion with a proven track record of investment success. About Starboard Value LPStarboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. While GCP has an incredible group of dedicated employees who are critical to the future success of the Company, GCP has suffered under the leadership of the current Board of Directors (the "Board"), which has overseen an extensive period of dismal operating, financial, and stock price performance, missed expectations and poor corporate governance and compensation practices. Operating margin at 10.0% - well below its direct peers at 13.4%. h�b```�6V y�A��X؀����E�E���Bc�d� CGc��C�N��:&_jo��6�U�R���ԟ�E�ݘ�V�{0�2�4�h��1�d`z�o�Y-Ȭ=�~O�t�� �s�#^N��­�|�C2�_c�V�-��N�Z�����N�\�j�3���Yv��L��'�Y4����%���1yr)� �s����K��8'����H6eN� 2020 C4K Investors Conference – ACI Worldwide Inc. 2020 Active-Passive Investor Summit – Corteva Inc and ON Semiconductor Corp. We have assembled a best in class group of highly successful individuals that we believe have the right mix of skills to provide the proper oversight of GCP and to help GCP achieve far greater success. Poor compensation and governance practices marked by conflicted directors who occupy all of the key leadership positions on the Board. 1Direct peers are Carlisle Companies Incorporated (CSL), Sika AG (SIKA), and Compagnie de Saint-Gobain S.A. (SGO). Starboard's selection of these direct peers reflects its assessment of what firms can reasonably be considered GCP's peers in the construction chemicals and building products industries. We believe you will find our comprehensive presentation to be helpful in understanding the severity of the issues currently plaguing the Company and, importantly, the opportunities that are available to chart a new course for GCP and drive improved results going forward. We are ready, willing, and able to drive the necessary improvements to succeed at GCP. Starboard Value LP. endstream endobj startxref This presentation represents the opinions of Starboard as to how such companies can improve their operating performance and increase value for all shareholders. These opinions are current as of the date of this presentation. Peter A. FeldManaging MemberStarboard Value LP. If you have any questions or need further assistance with voting your GCP shares, please contact Okapi Partners LLC at +1 (888) 785-6673 (Toll-Free) or by e-mail at [email protected]. The Board is laden with significant interconnections among directors that have created an insular boardroom environment that lacks true independence. All investments involve risk, including the risk of total loss. Jeff Smith's presentation at the recent Value Investing Congress, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution, Bruce Berkowitz's Fairholme Buys Sears Shares, What We're Reading ~ Hedge Fund Links 9/19/14, What We're Reading ~ Analytical Links 9/17/14, Glenview Capital Boosts Fossil Group Stake, Lee Cooperman Discloses Aspen Group Position. See Starboard's investor presentation for additional detail. 1808 0 obj <>/Filter/FlateDecode/ID[<32C43057AA1D164C95F7F3F8862085E4>]/Index[1788 36]/Info 1787 0 R/Length 102/Prev 1413228/Root 1789 0 R/Size 1824/Type/XRef/W[1 3 1]>>stream construed as legal, tax, investment, financial or other advice. Investor contacts:Peter Feld, (212) 201-4878Patrick Sullivan, (212) 845-7947www.starboardvalue.com, Okapi PartnersBruce H. Goldfarb/Patrick McHugh(212) 297-0720(888) 785-6673 (Toll-Free). Operating expenses on both an absolute and relative basis have remained stagnant despite incurring significant restructuring-related expenses. We Are Proposing Highly Successful and Proven Operators to the Board of GCP. %%EOF 1788 0 obj <> endobj %PDF-1.5 %���� 9�iN3�z��%LI2��ҀZ&[,�X̛�r�EsJƒ٦��|$gr �̖� Q��c��8C-D�p����i�#`C��n�XVrدB���2o�y͹� e��*�F��XT�\�r@n�3f�} ���� ��X4��kx���1����fI̭�~Ɗ!�K������F�����y�7��Tiy��Hr ���Y�̉�y�>n��k�P�� �����@Vs8�d���B�@��&� b60���L�P�A�@�i�+T��� 2�lDl. MarketFolly.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. A long and troubling history of missed investor expectations. We believe it is time for a fresh start for GCP, its employees, customers, partners, and shareholders. NEW YORK, April 30, 2020 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of GCP Applied Technologies Inc. ("GCP" or the "Company")(NYSE: GCP), with an ownership interest of approximately 9% of the Company's outstanding shares, today announced that it has issued a detailed presentation titled "Transforming GCP Applied Technologies," outlining Starboard's views on GCP, the historical challenges that continue to plague the Company, opportunities to drive significant fundamental improvement through the implementation of a comprehensive turnaround plan, and details surrounding Starboard's slate of highly-qualified and experienced director nominees for election at GCP's upcoming 2020 Annual Meeting of Shareholders. 3Other than Mr. Kiefaber and Ms. Ogilvie, who are current directors of GCP and are serving on Starboard's slate of nominees (Mr. Kiefaber has also been nominated by the Company for election at the Annual Meeting). Jeff Smith's activist investment firm Starboard Value today released a presentation on their newest holding, Advance Auto Parts (AAP). We stand for accountability, transparency, and disciplined operational, strategic, and financial focus. We, like you, believe that GCP is a great company with a bright future. Embedded below is Starboard Value's presentation "Transforming Darden Restaurants": You can download a .pdf copy here. 0 Collectively, have decades of experience as CEOs, senior executives, chairmen and directors of well-performing industrial companies. 4. This Presentation … Since 2002, Starboard Value LP (“Starboard”) has focused on unlocking value in underperforming companies for the benefit of all shareholders. Cision Distribution 888-776-0942 Operating expense at 27.9% of revenue - well above its direct peers at 19.3%. If you review the backgrounds and qualifications of our nominees and compare them to the incumbent Board3, we believe you will agree that our slate is much more qualified to oversee GCP and help reverse the prolonged underperformance that has occurred under the oversight of the current Board. MarketFolly.com is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice. Our detailed presentation and other important information and materials regarding the Annual Meeting can be viewed at www.shareholdersforGCP.com. A detailed plan outlining the opportunities that are available to leverage GCP's best-in class assets to create significant value for shareholders. Jeff Smith's activist firm Starboard Value is out with a presentation on their position in Darden Restaurants (DRI). Starboard has a history of driving operational, strategic, and financial turnarounds in companies for over 17 years. Our interests are directly aligned with yours, and we ask for your support in creating a fresh start to the GCP Board so that, together, we can finally realize the true value of this great Company. 5. 4 Please see our accompanying presentation: A Primer on Darden’s Real Estate Overview of Starboard Value LP Starboard Value LP is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value … For more on Starboard, check out Jeff Smith's presentation at the recent Value Investing Congress as well. GCP has a truly unique and differentiated portfolio of products and solutions that provide real value in the construction marketplace. 2Operating expense is not reported for the direct peers and as a result, Starboard uses parent company metrics. 3. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders. Today, we are sharing with our fellow shareholders a detailed investor presentation titled "Transforming GCP Applied Technologies," outlining our views on GCP, the historical challenges that continue to plague the Company, opportunities to drive significant fundamental improvement through the implementation of a comprehensive turnaround plan, and details surrounding the slate of highly-qualified and experienced director nominees we have proposed for election at the Annual Meeting. Starboard also announced today that it has delivered an open letter to GCP shareholders highlighting certain key features of its detailed presentation. Starboard Value LP (together with its affiliates, "Starboard") currently has a beneficial ownership interest of approximately 9% of the outstanding shares of GCP, making us one of the Company's largest shareholders. Please support our efforts to revitalize GCP by voting on the WHITE proxy card to elect our slate of highly qualified nominees. AAP currently trades around $190 and Starboard thinks shares could be worth … About Starboard Value LP Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to … Some highlights of our investor presentation include: 1. THERE IS A BETTER PATH FORWARD FOR GCP UNDER THE LEADERSHIP OF AN ENHANCED BOARD, VOTE for Change on the WHITE Proxy Card TODAY. The purpose of this presentation is to provide access to certain analyses prepared by Starboard Value LP ("Starboard"). Consistently missed revenue or earnings expectations 15 out of the last 16 quarters. The qualifications and credentials of our highly-qualified slate of director nominees - Kevin W. Brown, Peter A. Feld, Janet P. Giesselman, Clay H. Kiefaber, Marran H. Ogilvie, Andrew M. Ross, Linda J. Welty and Robert H. Yanker. GCP's significant operating, financial, and stock price underperformance relative to its direct peers1. Jeff Smith's activist firm Starboard Value is out with a presentation on their position in Darden Restaurants (DRI). Collectively, they have the expertise and experience that we believe is required to oversee a much-needed turnaround at GCP to help transform the Company into a true industry leader and finally deliver significant value for shareholders. Case for Urgent Change at GCP Includes: Details on the Significant Operating, Financial, and Stock Price Underperformance; GCP's Troubling History of Missed Expectations; Poor Compensation and Governance Practices; and Troubling Board Interconnects, Outlines Plan to Reinvigorate Growth, Improve Margins, and Drive Shareholder Value, Issues Letter Urging Shareholders to Support a Better Path Forward for GCP by Voting FOR Starboard's Slate of Experienced Nominees on Starboard's WHITE Proxy Card TODAY.

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