Growth in the first two months was partially offset by slowing demand in the US coatings, construction and timber treatment markets, particularly in March. Higher US energy prices throughout the first quarter significantly impacted performance, with Elementis Chromium most affected. In our 2000 Preliminary Results announcement on 28 February 2001, I explained that, following a speculative approach last year, Elementis had embarked on an in-depth marketing exercise to determine whether it could obtain an offer for the Company which it believes to be in the best interests of shareholders. This process is continuing, but it is not yet possible to say whether it will result in an offer for Elementis which the Board will feel able to recommend to shareholders.
Any offer is, however, unlikely to reach the level of yesterday's closing share price.