De La Rue Share Discussion Threads

[kooba] 29/6/2023 07:04

Much uncertainty removedSuccessfully renegotiated the Company's facilities with its lenders, leading to a significant relaxation of both interest cover and gearing covenant ratios, and the addition of a liquidity measure- Agreement reached with the Pension Trustee to defer GBP18.75m of deficit repair contributions originally due over the 15 months from April 2023, with the substantive majority (GBP16.25m-GBP17.5m) deferred to the FY26-FY29 timeframe. This significantly improves the cash position for the Company over the next few years - No 'material uncertainty' with respect to going concern in the accounts

[kooba] 28/6/2023 18:15

Griffiths buying more into the rise ...ahead of the results tomorrow..brave or ?

[babbler] 27/6/2023 14:04

You do know they do other things right?

[babbler] 27/6/2023 14:03

Griffiths took out a huge CFD on these yesterday. Over 5%... Either he knows results will be good or he is mad.

[dealy] 27/6/2023 09:43

stop being hysterical. Businesses can handle issues like this

[deanmatlazin] 27/6/2023 09:40

Current interest rate is 5% and may go up to 6% by end of year.

Let say net debt to service is going up to £100m. The lenders will charge 7% interest to DLAR.

The interest to pay yearly will be £7m per annum. With declining use of bank notes in the next 10 years, i cant see this will be a viable business in the future.

It will breach banking covenant , no doubt about it! Let see whether the lender agreed to amend its covenant on Thursday.

[wbodger] 26/6/2023 23:29

I was struck by the fact that the sharp move up happened after 3 PM, not first thing, with the appointment RNS. I noted your reference to connections with the Chairman. I wouldn't be surprised if there is a plan which might surface tomorrow.

Good point about not wanting to come on board before an equity raise (although needs must, and he might not be in control of that).

[kooba] 26/6/2023 21:40

I did say I think Odey cleared last week..not confirmed by rns true. But I guess those guys are rather chaotic right now.But the spreadex position lends one to think that was material in clearing Odey out.. whose actual position that is might be interesting..since it's synthetic likely a hedge fund or major punter I would guess. Either way a bit of a go a few days ahead of key news that on the outside would appear to be key to short term direction. Again the director appointment just ahead of that news seems to me to be a potential positive too.We will see on Thursday.

[wbodger] 26/6/2023 19:40

They haven't declared zero, just to below 3%. The RNS took them to 2.93%. Doesn't mean they haven't cleared out, of course, just they won't have to declare it.

Spreadex declared a holding the following day similar to ODEY's reduction.

[kooba] 26/6/2023 16:34

I guess you are no longer regretting closing your short ..think Odey was done last week , todays move maybe clearing out any further market overhang . With the new appointment just days ahead of results and at a very sensitive time it also been seen as growing confidence that the company gets some agreement on covenants with the banks and avoids any fundraise . Not sure anyone would would want to be appointed ahead of a rescue equity raise.Maybe could be a bit of a squeeze too but definitely a rather brighter afternoon !

[babbler] 26/6/2023 15:39

Odey done now it seems.

[kooba] 26/6/2023 12:46

He is not independent he is a former colleague of the new Chairman at Dignity he is a also a NED of Volex..Nat Rothschild company who was rumoured to be interested in taking the helm here recently.He seems to have had a long career in many successful companies ..i think cineworld where he is an NED was not doing badly until covid basically bust it and he's only been on THG board for 10 months. But certainly has a huge amount of corporate experience some of which is in distressed situations and recovery plays...so quite appropriate.His full background and dates.https://uk.linkedin.com/in/dean-moore-fca-bsc-hon-36b4502b

[dealy] 26/6/2023 09:37

you are jumping to conclusions. London is littered with failed companies

[hpcg] 26/6/2023 09:02

That is some charge sheet on the director. Designed for emergency corporate action. I am definitely regretting closing my short and pondering whether to reopen.

[dealy] 26/6/2023 08:34

you can learn a lot from failure. also, board members are often not directly responsible for either failure or success

[hpcg] 23/6/2023 18:44

I may regret closing my short, but I would have thought people picking up the Odey shares would need to have an informed opinion about being in for more shares in a rights, or the lack of a need for one. Price action today is very poor though, but that could just be the ever increasing interest on its bank debts.

[jensen10] 23/6/2023 17:10

Unlikely blueball. Its either 10p if bank waiver requires another fund raise or 50p if not and trading has stabilised.

[blueball] 23/6/2023 16:42

25p next week.

[dealy] 23/6/2023 15:11

yes, but you get something for that 150m

[farrugia] 23/6/2023 14:04

you have to add the debt too dealy - its more like the enterprise value is 150 million assuming 90 million debt

[dealy] 23/6/2023 13:20

60m market cap

[kooba] 23/6/2023 13:02

Next ThursdayTiming of preliminary results announcement for the year ended 25 March 2023De La Rue plc (LSE: DLAR) ("De La Rue", the "Group" or the "Company") is providing an update on the timetable for announcing its results for the financial year ended 25 March 2023 (FY23).As noted at the time of our trading update on 12 April 2023, the Group is currently in discussion with its lending banks in relation to seeking an amendment to its banking covenants. In addition, and as noted in the Chair recruitment update on 2 May 2023, we are progressing candidates through the final stage of our engagement process.Given these activities, the release of our FY23 results will be deferred from the previously announced date of 31 May 2023 to 29 June 2023.