elliott advisors uk ltd one of the largest shareholders in sse plc on tuesday called on the company to restore investor confidence the elliott management corp subsidiary which has been reportedly pushing for the separation of sses renewables business said in a letter to chairman john manzoni that it was challenging the energy company to provide a plan to address investor concerns around its corporate governance its ability to fund growth in the long term and its persistent undervaluation specifically the shareholder said the letter was sent in the wake of the companys disappointing announcement on nov 17 and the resulting decline in sses stock price that day shares in sse closed 43 lower after the group said it would cut the dividend and sell stakes in its network business to fund investment in renewables elliott said that the announcement failed to provide any explanation for why sse wasnt pursuing a listing of the renewables assets which the investor estimates could have unlocked 5 billion pounds 663 billion of value in addition elliott said the plan to sell a minority interest in the networks division lacked ambition and that cutting the dividend disappointed many incomeoriented investors a representative for sse wasnt immediately available for comment