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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| De La Rue Plc | DLAR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.60 | 2.99% | 89.60 | 16:35:10 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 87.40 | 87.40 | 95.00 | 89.60 | 87.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 19/1/2024 19:20 by mickyl It’s interesting that an Investor like Griffiths is still investing at 85p. He clearly thinks there is mileage in the company. I think it’s sad about the Gateshead plant. It was once the flagship with an enviable reputation! |
Posted at 10/1/2024 17:01 by wbodger In theory, perhaps. But they will be aware how much of a loss/gain they expect, that's human nature.I didn't go back much before the capital raise, because CA have mentioned in communications that they initially made a gain after the capital raise. Here are some pointers (DYOR): AR-to-EndJune-2023: In July 2020, De La Rue completed a £100 million fundraise which was priced at 110p per share.The Fund [CA] was the largest investor in this raise and ended up owning around 18% of De La Rue’s issued share capital. Following a significant rise in the share price, the Fund reduced its exposure and reverted to being a 10% shareholder. Previous Year. AR-to-EndJune-2022: Additional investments and shareholder returns were funded by reducing the Company’s shareholding in De La Rue ... The holding in De la Rue decreased to 9.8% of De La Rue’s equity (2021: 12.3%)... This does not tell us much about how much profit or loss was made selling down from 18% to 10%. It is likely the shareholding they had before the 2020 capital raise took a hit, and if they paid over £4 a share for it, a big one, but raising the holding to 18% at a price of £1.10 would have averaged it down. £1.10 is therefore not a bad starting point for a guess. Averaging between £1.10 on 10% and £0.50 on 6% gets me to about £0.87 blended on the current 16%. |
Posted at 09/1/2024 10:19 by jensen10 Why does it matter what their historic average cost of holding is? They are professional investors. Their fund NAV is marked to market. Their exit will be based on what they believe the company is worth in the future. |
Posted at 29/12/2023 10:57 by wigwammer No sweetie, what you did was repeatedly overstate the risks. The benefit of experience is being able to differentiate better between perceived risk and real risk. Anyway, thank you to pant wetters like kooba everywhere, without emotional investors like him it would be much harder for the rest of us... :) |
Posted at 29/12/2023 09:03 by agnes Wigwammer, I thought this was the De La Rue board. You were both shareholders. Now you're not. You chose to sell. That was your right. I asked you for your next good idea- you evaded and instead criticised its largest shareholder- nice!I'm sure you're a wiser and more experienced commentator than The Times newspaper, which two weeks ago wrote that activism led by Crystal Amber works. Lucky for you that Crystal Amber is listed so you're able to put your money where your mouth is, short its shares and revel in its future downfall and tell us all along the way. Or maybe it would be better to spread some festive cheer and stop posting on a board and being critical of the cornerstone investor in its rescue funding and now the largest shareholder. Would love to know your next money making idea... Oh I know, far easier to have another rant about Crystal Amber. |
Posted at 28/12/2023 19:36 by kooba The other point ignored is that it was not just Crystal Amber that wanted change and some real action in resolving issues..loose more lost the support of other leading institutional investors , this was quite clearotherwise he would not have walked...he knew he could not command support so fell on his sword.A little bit of joined up thinking would go a long way... |
Posted at 20/12/2023 09:12 by kooba The Times commentMoney talksProof that shareholder activism works. When investors ganged up in April to force out chairman Kevin Loosemore, De La Rue had just delivered its fourth profit warning in 16 months. The big worry? That without a change at the top, the banknote printer would loosemore money. In came Clive Whiley. The share price since then? Up from 40½p to 77p, even allowing for a 5 per cent dip on the half-year results.Yes, the business, in which activist investor Crystal Amber holds a 17 per cent stake, still lost £16.8 million pre-tax. Yet there are clear signs of progress. Net debt of £82 million is better than the £100 million guidance, boosted by an operating cash inflow of £15.4 million versus last time's £2.8 million outflow. The currency order book has doubled since September to £220 million. And the pension deficit's actuarial valuation is down to £78 million.Whiley found a group "struggling to balance conflicting stakeholder objectives", with £3 million of adviser fees "suffocating" recovery. He says he provided "air cover", allowing the other Clive - chief executive Clive Vacher - to focus on operations. Whiley also hints at better to come, with the results a "springboard to optimise the underlying intrinsic value of the business", even if De La Rue denied that was code for luring a bid. Whatever, it has no longer got such as big a licence to lose money. |
Posted at 28/10/2023 18:10 by kooba The results came out with the renegotiation of bank covenants and pension trustee that went to the wire 6 weeks after the new Chair was appointed.And well after I was raising just concerns over the finances.The trading update mid April was the third profit warning from the company on the trot and offered little comfort on the finances or the company's ability to get any relaxation on covenants.Loosemore had negotiated an extension of the facilities last year but had failed to get the covenants relaxed then leaving the company crawling back to ask for help as trading deteriorated.Doesn't matter how some folk view thing in retrospect the company was not in a good position when Loosemore walked and many shareholders not just CRS had lost faith,Seeing a number buying in and a new investor shows they are backing the new broom and the stabilisation he has brought. |
Posted at 25/10/2023 09:51 by kooba Crystal Amber DLAR largest holder commentary with todays results.De La Rue plc ("De La Rue")We have previously explained how De La Rue stands out as a case study of how poor leadership is the ultimate destroyer of shareholder returns. The company has a long and proud history, having been established in 1821 and has been printing banknotes since 1860. In 1982, the share price was 617.5p. Forty-one years later, it traded at below 30p. Ten years ago, De La Rue paid an annual dividend of 42.3p a share. In 2019, the dividend was shelved.In July 2020, De La Rue completed a GBP100 million fundraise which was priced at 110p per share. The Fund was the largest investor in this raise and ended up owning around 18% of De La Rue's issued share capital. Following a significant rise in the share price, the Fund reduced its exposure and reverted to being a 10% shareholder.As early as January 2022, the Fund publicly highlighted operational and strategic mistakes at De La Rue. Rather than engage constructively, management was completely dismissive.Last September, the Fund commented that it believed that De La Rue was in a critical position, with essential strategic decisions required. In July 2022, the Fund wrote to the Chairman and Chief Executive of De La Rue to request that Crystal Amber, as a 10% shareholder, be invited to nominate a director in a non-executive capacity. After more than two months of procrastination and attendance at several meetings, the proposal was rejected. The board of De La Rue then called a meeting of shareholders to vote on the Chairman's future. In December 2022, the Chairman was re-elected. Following a profit warning in January 2023, the Fund requisitioned a meeting of shareholders in March 2023 to remove Chairman Kevin Loosemore. Following a further profit warning in April, his position became untenable and he resigned.In May 2023, Clive Whiley was appointed Chairman. By the end of the following month he was able to successfully negotiate a reduction in contributions to the pension plan, revise and relax banking covenants and secure the removal of the material uncertainty going concern audit qualification. Against this improved backdrop and with increasing evidence of a cyclical upturn in the currency market, the Fund substantially added to its holding. During the summer, the Fund increased its shareholding from less than 10% of De La Rue's issued capital to close to 17%. The average cost of these purchases was 41.2p a share. The Fund remains of the view that the strategic value of De La Rue continues to be substantially more than its operational value and that it is now an attractive takeover target in an industry requiring consolidation. |
Posted at 13/4/2023 08:35 by kooba Another piece in the Times..i imagine the CEO has just choked on his cornflakes! Being described as delusional is not a look he was going for!No longer a licence to print money at De La RueAlistair OsborneThursday April 13 2023, 12.01am, The TimesMoney talks. A banknote printer shouldn't need telling that. So how come the De La Rue chief executive sounds so delusional?Clive Vacher has just issued his fourth profits warning in 16 months. The shares, which were around 190p when he took charge in October 2019, are down to 40½p - off another 19 per cent on the latest alert. A company that was valued at £125 million before he tapped investors in July 2020 for £100 million at 110p is now worth just £79 million.Having blown those funds, De La Rue's now admitting to talks with lenders over "an amendment to its banking covenants": a shift of stance from November when Vacher was railing about auditor EY issuing a "material uncertainty" warning over the group's "going concern" status. To boot, he's just asked the pension trustees to defer "£18.75 million of deficit repair contributions".None of that points to a well-run group: one reason near-10 per cent investor Crystal Amber is gunning for De La Rue chairman Kevin Loosemore, calling an EGM in an attempt to oust him. But talk to Vacher and this is the sort of thing he says: "We've spent the last three and a half years making a significant transformation of the company, making it a lot more competitive."Really? Alongside Loosemore, who joined days before him, Vacher says they've "revamped the cost structure", shrunk five printing sites to three, stuck £20 million into a new polymer line and won heaps of contracts. Sales from the passport-printing wing will top £100 million next year for the first time too.So why has the share price tanked? Nothing to do with them, guv - just the post-Covid banknote market. Demand, Vacher says, "has been at the lowest levels for over 20 years", even if he says bid activity has picked up in the past month.On that, seeing is believing. But back in the real world, Crystal Amber's investment adviser Richard Bernstein says he's celebrating a "pyrrhic victory": having his arguments proved right at the cost of another share price plunge. Roll back to January 2022 and consensus adjusted operating profits forecasts for the latest financial year were £56.5 million, a figure that's dropped to £41.4 million, then £35.6 million, then £30.1 million and now, weeks before the publication of the results, to £28.2 million. Worse, De La Rue is now guiding to just £20 million for the 12 months to March 2024 - less than half previous forecasts.This is where things could also get more serious for the board. In December, Crystal Amber's lawyers wrote to each director, reminding them of their fiduciary duties and arguing that, on its analysis of issues in the business that the group hadn't disclosed, the market forecasts were "not achievable". So it has proved. Bernstein cannot believe the board has just discovered the profits miss.Vacher says he is fully aware of his disclosure responsibilities. But he does say some extraordinary stuff, not least that one reason for the endless missed forecasts is that he's had to put "£57 million cash into the pension scheme" to repair a deficit that still tops £90 million. But isn't meeting obligations to 6,770 pensioners a cost of running the business? He also says, "I don't think we need to raise more money" and that he doesn't recognise forecasts that De La Rue's net debt will hit £105 million by 2024. But that's the estimate of house broker Numis.Crystal Amber wants to replace Loosemore with a new chairman to take a view on Vacher. Its nominee, Pepyn Dinandt, an Eberspaecher Group exec, is not well known. But, whoever the candidate, other big investors such as Schroders, with 16 per cent, and Crispin Odey with 6.9 per cent can't be happy.De La Rue is meant to print money, not lose it. |
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