Czech Republic-based J&T MS 1 SICAV has sent a public letter to the board of TiO₂ producer Venator Materials highly critical of the firm’s strategic direction and demanding additional independent shareholder representation. J&T is the second largest shareholder in Venator, with a stake of 14.3%.

Since an IPO in August 2017, the letter states, Venator’s share price has fallen by about 96% from a peak of $25.50 to less than $1. In November 2022, the company was warned that it faces a potential delisting from the New York Stock Exchange.